Bitcoin volatility pauses as BTC’s $31,000 annual price looms

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Bitcoin (BTC) denied new market volatility during the June 23 Wall Street open as traders tried to guess its next targets.

BTC/USD 1 hour chart. Source: TradingViewBitcoin lacks solid confirmation of new upside

Data from Cointelegraph Markets Pro and TradingView showed that BTC price action continued to hover around $30,000.

A second day of sideways trading therefore greeted market participants as the previous rise stalled near the yearly high at $31,000.

Popular trader Daan Crypto Trades has suggested that this area represents a popular invalidation point for those shorting BTC after its recent rise.

Most of the shorts that entered during this consolidation will likely have their stops above this local high at ~$30.8K, part of a tweet read on the day.

This makes it an excellent cash grab. The line in the sand is the $29.8,000 region and the Daily Open.BTC/USD annotated chart. Source: Daan Crypto Trades/Twitter

However, these shorts can still prevail, according to Maartunn, a contributor to on-chain analytics platform CryptoQuant.

Noting the rise in open interest on the exchanges from a flat price performance, Maartunn noted that the dumping of this open interest has recently been accompanied by a sharp drop in BTC/USD.

Crypto trader Chase acknowledged that he did not get solid confirmation of an impending continuation at $31,000.

For fellow trader Elizy, meanwhile, there was no discernible change in mood from the day before as the consolidation continued.

While he has no intention of going short, he told Twitter followers that there wasn’t much interest in entries either, while BTC price action acted. within a narrow range.

Return of wait-and-see mode

Elsewhere, the latest market update from crypto analytics firm Jarvis Labs highlighted the unclear nature of the near-term price action.

Related: Bitcoin’s Parabolic Advance Means BTC Price Is At 2023 High Trader

I’m a little uncertain here, founder Ben Lilly concluded after investigating various datasets.

I start to write off $24,000 before the options expire, and instead lean towards a push higher into the $32,000 range.

Lilly referenced the upcoming expiration of options on June 23, worth more than $700 million. Thanks to a strong accumulation, it would be a mistake to bet on a rally that would die out too soon.

All this tells me that we can’t rush to fade this rally, he concluded.

My gut was saying yes, erase it because the halving is too far away. But a few data points say otherwise. Maybe a fade will show up in July. For now, let’s follow the data to see if the trend continues. 30 Day Bitcoin Accumulation Trend Chart. Source: Ben Lilly/Twitter

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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