BTC’s Price Drop Contrasts with $135,000 Goal as Bitcoin Bulls Grab Moving Averages

Important points

• Bitcoin price remains range bound as it continues to give up pre-Wall Street profits.

• TradFi Options Expiry Event: A record breaking TradFi event could cause a sharp increase in risk asset volatility.

• Bitcoin is still holding the key to a successful run towards $135,000.

BitcoinBTCAfter the Wall Street opening on 20 June, a major event called an expiry date brought back earlier gains. “big day” US equity markets.

Bitcoin Bulls Struggle at Key Moving Averages

The Data of Cointelegraph Markets Pro The following are some examples of how to get started: TradingView BTC’s price has been stalling since a trip to $106,500.

BTC/USD has fluctuated in the vicinity of its 21-day Simple Moving Average (SMA), at 105.800. This level was highlighted by Keith Alan.

This level was also the SMA of 10 days, and another attempt to reclaim that area is in process. flagged Matthew Hyland, a popular trader.

“Market is still positioned short including more shorts loading up here,” Skew, a fellow trader continued The trip exceeded $106,000.

“Notable ask depth here on orderbooks so this means spot flow is pretty dominant & important today.”

A TradFi event with an abnormally high number of expirations was a catalyst for volatility. Bitcoin is still in a tight intraday range.

“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 follows ahead of what is 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”

Titan of Crypto’s trading and analytical account, Titan of Crypto took a long-term perspective based on the retention of its support over recent weeks.

Related: Here’s when Bitcoin analysts expect new BTC price volatility

Titan of Crypto, after uploading a weekly chart on X to argue that a price of $135,000 BTC remained the target for Titan of Crypto. “on the table.”

“BTC broke out of a right-angled descending broadening wedge, and the structure remains valid,” The accompanying comments summarized.

Cointelegraph recently reported On the basis of various bullish forecasts for prices, $140,000 is a reasonable target.

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.