This week, Bitcoin (BTC), the biggest cryptocurrency in the world, has exhibited significant price fluctuations as we approach the options expiry on Friday. At the moment of writing, Bitcoin‘s price is recorded at $70,922, representing a 6% increase over the past seven days. The total value of Bitcoin in circulation currently stands at an impressive $1.4 trillion.
According to Greeks.live’s statistics, approximately 21,000 Bitcoin options are due to expire with a total value of $1.5 billion. The put calls ratio is 0.62. The price level that could cause the most significant market movement for these options is currently at around $69,000.
When US Consumer Price Index (CPI) data and inflation surprise with higher-than-anticipated figures, Bitcoin and the cryptocurrency market as a whole witness increased price fluctuations. Contrastingly, the predicted volatility has lessened, suggesting that if Bitcoin’s price experiences significant swings, it could potentially drop below $70,000.
The Greeks’ live data indicates that sell orders have outpaced buy orders for Bitcoin during the past month, suggesting a decrease in investor optimism regarding the crypto’s upcoming halving event. Additionally, the stalled inflows into Bitcoin ETFs weaken Bitcoin’s momentum and cast doubt on its ability to sustain a rally at this time.
Currently, Bitcoin’s (BTC) price is bouncing around in a narrow band, hovering between $69,000 and $71,000. Some experts predict that this trend may persist until the upcoming halving event without significant price fluctuations.
#BTC is still just consolidating between these two levels
No major trend shift as we approach the Bitcoin Halving$BTC #Crypto #Bitcoin
— Rekt Capital (@rektcapital) April 11, 2024
Bitcoin Faces Strong Resistance at $71,000
In the past two weeks, Bitcoin’s (BTC) price has had a tough time breaking through the $71,000 mark, suggesting a powerful bearish trend in the market. Some experts believe that the S&P 500’s dip from its high of 5265 on March 28 could be an early warning sign of an economic slump. Since Bitcoin’s connection to stocks reached over 80% last month, it’s likely that the cryptocurrency’s price will drop if market instability continues.
The Bitcoin futures market indicates a balanced stance as of now, indicating a strong appetite for buying contracts with leverage. However, it’s important to note that excessive leverage is still a potential risk, considering the current open interest of $34.3 billion in Bitcoin futures.
With only a week left until #Bitcoin’s halving event, conversation around the topic has reached its annual peak at 9pm UTC. This surge in discussion signifies a strong likelihood of price reversals for crypto markets. Previously, the markets have shown:
— Santiment (@santimentfeed) April 12, 2024
According to data from Santiment, a provider of on-chain information, if Bitcoin’s price approaches record highs soon, an increase in halving-related conversations may act as a fear of missing out (FOMO) signal, potentially indicating a short-term peak. Conversely, if the BTC price dips toward $67,000 while there is a surge in halving talk, it might be a sign of fear, uncertainty, and doubt (FUD), suggesting attractive buying opportunities.
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2024-04-12 10:51