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The post <a rel="nofollow" href="https://coinpedia.org/bitcoin/will-bitcoin-be-able-to-break-the-consolidation-above-30800-options-expiry-sets-btc-price/">Will Bitcoin Be Able to Break the Consolidation Above $30,800? Options Expiry Sets BTC Price</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
The recent rise of Bitcoin past $30,000 is seen by many experts as a <a href="https://coinpedia.org/bitcoin/bitcoin-price-prediction-btc-price-might-surge-1500-as-institutional-interest-spikes-michael-van-de-poppe/">response</a> to pending Bitcoin ETF applications, including those from BlackRock and ARK Invest. This has also fueled expectations for Grayscale to convert its Bitcoin Trust (GBTC) into an ETF. However, with Bitcoin’s price consolidating near $30.8K, investors are anxiously waiting to see if it will break the $31K mark. 
<h2 class="wp-block-heading" id="bitcoin-options-expiry-sets-the-stage">Bitcoin Options Expiry Sets The Stage&nbsp;</h2> 
The open interest for the June 30 options expiry stands at $4.7 billion, although the actual figure will likely be less as bulls had anticipated prices of $32,000 or higher. This excessive optimism came after Bitcoin’s price printed impressive gains last week, trading near the $31K mark. The put-to-call ratio of 0.56 highlights the disparity between the $3.1 million in call (buy) open interest and the $1.7 million in put (sell) options. 
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However, if Bitcoin’s price hovers around $30,500 at 8:00 am UTC on June 30, only $630 million of these call (buy) options will be in play. This discrepancy arises because the option to purchase Bitcoin at $31,000 or $32,000 becomes irrelevant if BTC trades below these levels at expiry. 
Bitcoin’s price is once again probing the $30,800 mark, with bullish investors hoping it will maintain this level. If it does, the creation of another higher peak could offer additional assurance to observers that an upward trend is taking shape. 
Moreover, Coin Metrics reports that Bitcoin’s (BTC) market capitalization dominance has hit a new peak for 2023, standing at 58%, a level not seen since April 2021. The report reveals that BTC’s dominance dipped in spring 2021 as traders favored smaller-cap altcoins, yet it never fell below 40% of the overall market. 
<h2 class="wp-block-heading" id="h-what-is-waiting-for-btc-price-next">What Is Waiting For BTC Price Next?</h2> 
Buyers made <a href="https://coinpedia.org/bitcoin/bitcoin-holds-the-30k-level-strongly-heres-how-btc-price-will-trade-next/">an effort</a> to push Bitcoin beyond the $31,000 resistance, but the bears defended the level strongly. This resulted in the price remaining within the narrow range of $30,300 and $30,800. As of writing, Bitcoin trades at $30,502, surging over 0.2% in the last 24 hours.&nbsp; 
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The bears are expected to drive the price below $30,000, but if the bulls defend this level, it will signify strength. The upward trend of the 20-day EMA at $30,450 and the relative strength index (RSI) in the positive zone suggest Bitcoin price will again try to break $31K.&nbsp; 
If buyers drive the price above $31,000, the BTC price might continue its upward trend. The bears might attempt to defend the upward movement at $32,500, but the buyers are expected to power through. 
The first sign of weakness will be a close below $29,800. This could draw the price toward $27,500. If this level breaks, the BTC price might remain within the range of $29,000 and $24,300.

Will Bitcoin Be Able to Break the Consolidation Above $30,800? Options Expiry Sets BTC Price

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