Key points:
-
Bitcoin gives up pre-Wall Street gains as range-bound BTC price action stays in place.
-
A potentially record-breaking TradFi options expiry event threatens curveball volatility across risk assets.
-
Bitcoin continues to hold key support needed for a run at $135,000.
Bitcoin (BTC) reversed earlier gains after the June 20 Wall Street open as a major expiry event brought a “big day” for US equities.
Bitcoin bulls struggle at key moving averages
Data from Cointelegraph Markets Pro and TradingView showed BTC price momentum stalling after a trip to $106,500.
BTC/USD thus fluctuated around its 21-day simple moving average (SMA) at 105,800, a level highlighted by Keith Alan, co-founder of trading resource Material Indicators.
That level coincided with the 10-day SMA, another reclaim attempt in progress, as flagged by popular trader Matthew Hyland.
“Market is still positioned short including more shorts loading up here,” fellow trader Skew continued during the trip past $106,000.
“Notable ask depth here on orderbooks so this means spot flow is pretty dominant & important today.”
With Bitcoin still stuck in a narrow intraday range, a potential volatility catalyst came in the form of an unusually large TradFi expiry event.
“Brace for heightened market volatility today: $6.8 trillion worth of options on stock indexes, ETFs, equity index futures, and individual stocks are set to expire during today’s trading session,” trading resource The Kobeissi Letter told X followers ahead of what it called a “big day.”
“This is potentially the biggest ‘triple witching’ OpEx on record, according to SpotGamma estimates. It will also be the first monthly post-holiday OpEx in at least 25 years.”
$135,000 BTC price target still “on the table”
Adopting a longer-term view, trading and analytics account Titan of Crypto saw reason for optimism based on weeks of support retention.
Related: Here’s when Bitcoin analysts expect new BTC price volatility
Uploading the weekly chart to X, Titan of Crypto argued that a $135,000 BTC price target remained “on the table.”
“BTC broke out of a right-angled descending broadening wedge, and the structure remains valid,” part of the accompanying commentary summarized.
Cointelegraph recently reported on various bullish price forecasts, including $140,000 and higher.
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.
Read the full article here
