Bitcoin (BTC) has continued to maintain its price action around $30,000 as traders await the cryptocurrency’s next move. The market has experienced a second day of sideways trading following the prior upside that stalled close to the yearly high at $31,000. Traders are trying to predict the cryptocurrency’s next targets, but there has been no fresh volatility in the market.
According to data from Cointelegraph Markets Pro and TradingView, BTC’s price action has remained stable and flat, hovering around $30,000. Popular trader Daan Crypto Trades suggested that the $31,000 level represented a popular invalidation point for those shorting BTC after its recent upside. He further noted that most of the shorts that entered during this consolidation would likely have their stops sitting above that local high at ~$30.8K, making for an excellent liquidity grab. The line in the sand is the $29.8K region & Daily Open, he said.
However, Maartunn, a contributor at on-chain analytics platform CryptoQuant, noted that those shorts might still win out. This is due to rising open interest on exchanges against flat price performance. Maartunn further noted that “flushing” that open interest has recently been accompanied by a snap drop in BTC/USD.
Trader Crypto Chase acknowledged that he had not gotten “strong confirmation” of an imminent continuation to $31,000. For fellow trader Elizy, there was no discernible change in mood from the day prior as consolidation continued. While having “no intention of going short,” he told Twitter followers, there was likewise not much interest in entries, while BTC price action acted in a tight range.
Elsewhere, the latest market update from crypto analytics firm Jarvis Labs underscored the unclear nature of low-timeframe price action. Founder Ben Lilly concluded that he was a bit uncertain right here after investigating various data sets. He started to write off $24k before options expiry and instead leaned towards a push higher into the $32k range. Lilly referenced the upcoming options expiry on June 23, worth over $700 million. Thanks to strong accumulation, it would be a mistake to bet on the rally fizzling too soon. “All of this tells me, one cannot be quick to fade this rally,” he concluded.
Lilly further noted that his gut was saying yes to fade it because the halving is too far off. But a few data points are saying the opposite. Perhaps a fade will present itself in July. For now, let’s track the data to see if the trend continues.
Bitcoin (BTC) has maintained its price action around $30,000, with traders attempting to guess its next targets. Although there has been no fresh volatility in the market, traders are still optimistic about the cryptocurrency’s future prospects. While some traders believe that shorts may win out, others are optimistic about a push higher into the $32k range. Cryptocurrency analytics firm Jarvis Labs’ latest market update underscores the unclear nature of low-timeframe price action, but strong accumulation suggests that it would be a mistake to bet on the rally fizzling too soon.