On June 29, Bitcoin failed again to surpass $31,000, while traders waited for bulls to succeed.
According to TradingView data, BTC price action has refused to exit its short-term trading range. BTC/USD was now stuck between $30,000 and $31,000, with no push to extend the previous week’s advance or turn lower.
For market players, however, there was growing reason to anticipate that greater resistance levels would be followed by higher support levels.
“Bitcoin’s 2020 Fractal is still in play,” popular trader Jelle posted on Twitter, claiming that Bitcoin was repeating its late 2020 breakout.
Meanwhile, popular trader and analyst Rekt Capital saw similarly encouraging indicators on monthly timeframes ahead of the June 30 monthly candle closure.
“BTC is preparing for a Monthly Close above a resistance that has been rejecting price for the past three months.” “And now BTC is comfortably above that same level (black),” he said, referring to an explanatory chart. In response, CryptoCon stated that BTC/USD is “primed to launch into the resistance zone.”
“Markets appear to be poised for another leg upward,” said Michal van de Poppe, founder and CEO of trading business Eight.
“Bitcoin looks good, but altcoins are moving in tandem too.”
The week’s big macroeconomic data releases were still to come. With US Federal Reserve Chair Jerome Powell scheduled to provide a second day of economic policy discussion on June 30, the crucial release date remained June 30.
The volatility driver for risk assets was expected to be Personal Consumption Expenditures (PCE) numbers, Powell’s favored inflation assessment tool. Aside from macro, the June 30 options open interest expiry, which totaled $4.7 billion, was also a hot topic.