Bitcoin price briefly clears $31K as monthly, quarterly close nears

Bitcoin tries to cement higher support as an important day for markets arrives.

Bitcoin spiked through $31,000 on June 30 as a nearly $6 billion open interest expiry loomed.

Bitcoin volatility catalysts line up with BTC price spiking past $31,000. BTC price performance improved into a key quarterly options expiry event, the second largest in Bitcoin’s history, with analysts keen to see its effect on markets.

BTC price performance improved into a key quarterly options expiry event, the second largest in Bitcoin’s history, with analysts keen to see its effect on markets.

“Will be interesting to see how much is rolled over to future expirations and whether that OI is call or put dominant → as that will impact how dealers hedge (buy or sell BTC),” financial commentator Tedtalksmacro wrote in part of associated commentary.

June 30 represents a key date for BTC traders all around, with the options expiry forming just one in a series of key events.

Macroeconomic data from the United States in the form of the Personal Consumption Expenditures (PCE) print is also due, leading up to the monthly and quarterly candle closes.

For popular trader and analyst Rekt Capital, a close above $29,255 would confirm a breakout on monthly timeframes.

Likewise, quarterly resistance at $28,872 was a focus, withRekt Capital noting that the same level had formed both resistance in Q1 2023 and 2020, as well as support in 2021.