Bitcoin volatility takes a break as $31K BTC price yearly highs loom

cointelegraph.com:

Bitcoin (BTC) denied the market fresh volatility at the June 23 Wall Street open as traders attempted to guess its next targets.

Data from Cointelegraph Markets Pro and TradingView showed BTC price action continuing to hover around $30,000.

A second day of sideways trading thus greeted market participants as prior upside stalled close to the yearly high at $31,000.

Popular trader Daan Crypto Trades suggested that this area represented a popular invalidation point for those shorting BTC after its recent upside.

“Most of the shorts that entered during this consolidation will likely have their stops sitting above that local high at ~$30.8K,” part of a tweet read on the day.

Those shorts may still win out, however, according to Maartunn, a contributor at on-chain analytics platform CryptoQuant.

Noting rising open interest on exchanges against flat price performance, Maartunn noted that “flushing” that open interest has recently been accompanied by a snap drop in BTC/USD.

https://t.co/m6hmBWf7qM

Trader Crypto Chase acknowledged that he had not got “strong confirmation” of an imminent continuation to $31,000.

$BTCStill in this long from 29.6K, half size as I TP'd half at 30.1K last night. Looks okay still, but realistically I'm not getting any strong confirmation from this LTF consolidation. The retest of 29.8K followed by bullish MSB is decent, but I don't read too deep into it. https://t.co/v2lEq3WFBO

For fellow trader Elizy meanwhile, there was no discernible change in mood from the day prior as consolidation continued.

While having “no intention of going short,” he told Twitter followers, there was likewise not much interest in entries while BTC price action acted in a tight range.

Elsewhere, the latest market update from crypto