Bitcoin traders expect BTC price to surpass the yearly high of $31K soon.

Bitcoin (BTC) attempted to reach $31,000 on June 29, but was unsuccessful while traders waited for bullish movement.

BTC price “primed to launch”

Data from Cointelegraph Markets Pro and TradingView showed that BTC price action was stuck within a short-term trading range.

Currently ranging between $30,000 and $31,000, BTC/USD lacked the momentum to continue the uptrend from the previous week or reverse downward.

However, market participants increasingly believed that the next move would involve flipping higher resistance levels into support.

It is highly likely that #Bitcoin will reach the target of $34,500 in the next upward push. My model has accurately predicted every outcome since its creation: – Bottom in November 2022 – Best cycle buying prices in the green year Time to accumulate is coming to an end..

— CryptoCon (@CryptoCon_) June 29, 2023

“Bitcoin’s 2020 Fractal is still in play,” popular trader Jelle wrote in a Twitter update, suggesting that Bitcoin was repeating its breakout pattern from late 2020.

“Only up from here if we continue to follow it. I’m ready.”

Popular trader and analyst Rekt Capital also noticed promising signs on monthly timeframes leading up to the June 30 monthly candle close.

“BTC is positioning itself for a monthly close above a resistance level that it has been rejected from for the past three months. And now BTC is comfortably holding above that same level (black),” he commented on an explanatory chart.

In response, CryptoCon described BTC/USD as “primed to launch into the resistance zone.”

“Markets are looking ready for another upward move,” added Michaël van de Poppe, founder and CEO of trading firm Eight.

“Bitcoin looks good, but altcoins are moving in tandem too.”

PCE print meets options expiry

The week’s major macroeconomic data releases were still pending.

Related: Bitcoin speculators send 35K BTC to exchanges in new ‘elation inflow’

June 30 remained the key release date, with Jerome Powell, Chair of the United States Federal Reserve, set to deliver a second day of commentary on economic policy.

Personal Consumption Expenditures (PCE) figures, which are the preferred inflation measurement tool for Powell, were expected to be the catalyst for volatility in risk assets.

In addition to the macroeconomic data, the June 30 options open interest expiry was also a topic of discussion, with a value of $4.7 billion.

Big options expiration date for both ETH and BTC tomorrow ETH: ~$2B notional BTC: ~$5B notional If these are rolled into more calls we should see spot buying from dealers to hedge their books; puts opposite story. Either way expect some vol.

— Tom Dunleavy (@dunleavy89) June 29, 2023

Financial commentator Tedtalksmacro suggested that there would be limited movement in the crypto market until the expiry.

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