Despite Bitcoin’s sideways trading, traders remain optimistic ahead of a major options open interest expiry. BTC price has been unable to break out of its short-timeframe trading range between $30,000 and $31,000. However, market participants believe that the resistance levels could soon turn into support. Traders have noted similarities between Bitcoin’s current price action and its breakout in late 2020, suggesting a potential upward movement. Additionally, BTC is positioning itself for a monthly close above a resistance level that had previously rejected price for the past three months. Analysts expect Bitcoin and altcoins to move upwards together. The upcoming options open interest expiry on June 30, with a value of $4.7 billion, is also expected to impact market volatility. Financial commentators suggest limited movement until the expiry takes place.
