Bitcoin bulls are fervently holding on to the $30,000 level, as BTC price consolidates following the recent rally that began on Tuesday. Expected retracement occurred as traders took profits, but the sentiment remains high for a potential rise to $35,000. Interest in crypto assets is increasing, with traditional financial firms flocking to the industry and major players such as BlackRock iShares, Valkyrie Investments, Invesco, WisdomTree, and Bitwise filing for Bitcoin ETFs. Furthermore, EDX Markets, a crypto exchange backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab, announced its launch on Tuesday.
Traders are now eyeing Bitcoin to fill the CME Bitcoin Futures gap between $34,455 and $35,180, which refers to a price discrepancy between the closing price of the Chicago Mercantile Exchange (CME) Bitcoin futures market on Friday and the opening price on Sunday. Despite strong resistance above $30,000, traders believe the CME gap is about to be filled soon. The weekly and monthly close on June 30 is a key date to watch.
Over 145,000 BTC options with a notional value of $4.5 billion are set to expire on Friday, June 30. The Put/Call Ratio is 0.52, with call open interests of 95,000 and put open interests of 49,000. The max pain point, at which the largest number of options holders face financial loss, is at 25,000; currently, the BTC price is trading near the $30,750 level.
Popular analysts Crypto Tony and Rekt Capital predict that if BTC can close the month above $29,300, then there’s a strong probability of a rally to the $33,000-$35,000 range in the near future. Conversely, Michael van de Poppe expects a massive rally to $40,000.
The recent surge in institutional interest in crypto, along with the potential for a positive market outlook if BTC can successfully close the month above $29,300, adds weight to the bullish sentiment. However, it is important to consider market volatility and uncertainty, as well as regulatory and technical factors that could impact price movement.
Ultimately, the near-term future of BTC and the broader crypto market will depend on a variety of factors, including investor sentiment, market developments, and global economic conditions. It is essential for investors to stay informed and vigilant, conducting thorough market research before making any investment decisions.
Source: Coingape
