Bitcoin Holds Above $30,000 as Investors Await Historically Strong July I Option Expiration

Meanwhile, as the market approaches the expiration of bitcoin options contracts on Friday, bitcoin price could fuel additional price gains, or accelerate immediately thereafter. “If bitcoin builds momentum above $30,000 near expiration, dealers will buy the cryptocurrency in the spot and futures markets,” wrote Omkar Godbole, co-managing editor at CoinDesk Markets. “In turn, an exaggerated price rally can occur, often referred to as a gamma squeeze, or sling-shot effect. On the other hand, dealers will be forced to sell on a possible decline below $30,000.’