Will Bitcoin Price Fill CME Gap At $34K-$35K? $BTC Options Worth $4.5 B Set To Expire On June 30
Bitcoin bulls strongly holding onto the $30000 level as BTC price consolidates following the recent rally that began on Tuesday. As mentioned in an earlier report published by CoinGape Media, Bitcoin recorded expected retracement as traders took profits, but sentiment remain high for $35k.
Interest in crypto assets continues to improve as traditional financial firms (TradFi) flock to the industry. BlackRock iShares spot Bitcoin ETF filing started a chain reaction as many financial giants such as Valkyrie Investments, Invesco, WisdomTree, and Bitwise move to file Bitcoin ETF. Institutional flurry to crypto was witnessed around the globe.
In addition, crypto exchange EDX Markets-backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab also announced its launch on Tuesday.
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Bitcoin Price Sets for Rally to $35K
Traders are eyeing Bitcoin to fill the CME Bitcoin Futures gap between $34455 and $35180. CME gap refers to a price discrepancy that arises between the closing price of the Chicago Mercantile Exchange (CME) Bitcoin futures market on Friday and the opening price on Sunday.
While there’s strong resistance above $30k, traders strongly believe the CME gap is about to get filled soon. The weekly and monthly close on June 30 is key to watch out for.
Over 145k BTC options with a notional value of $4.5 billion are about to expire on Friday, June 30. The Put/Call Ratio is 0.52, with call open interests of 95k and put open interests of 49k. The max pain is at 25,000. The max pain point is the price at which the largest number of options holders face financial loss. Currently, the BTC price is trading near the $30,750 level.
July Bitcoin futures prices are firmer and near this week’s contract high in early U.S. trading Friday. The bulls have gained a solid overall near-term technical advantage following this week’s strong price gains. The path of least resistance for prices is sideways to higher in the near term.
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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 rally to the $33,000-$35,000 range in the near future. Whereas, Michael van de Poppe expects a massive rally to $40k.
The #Bitcoin dominance is getting to an interesting resistance point.
We've previously had a case that, 10 months prior to the #Bitcoin halving, is the moment to invest in altcoins.
That's now.
Similarly, that period the 200-Week MA was touched on Dominance.
Just like now. pic.twitter.com/dgal7Qjllb— Michaël van de Poppe (@CryptoMichNL) June 23, 2023
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