- Last week’s $35,000 price rally for Bitcoin
left investors feeling optimistic and bold, enabling traders to take more risks. - Over the past two days, Bitcoin has seen a slight pullback in its price. Currently, BTC is trading at $34,118, marking a 1.81% decrease, with a market capitalization of $666 billion.
- Approximately 87,000 BTC options are set to expire, with a Put-Call Ratio of 0.88, a maximum pain point of $29,000, and a total value of $2.98 billion.
| Before you reading, Don't miss coins like PEPE again! Click here to find new PEPEs! |
Investors in Bitcoin will keep an eye on option data today as positions in BTC rise before options expiration!
Bitcoin Open Positions Are Increasing
Last week’s $35,000 price rally for Bitcoin left investors feeling optimistic and bold, enabling traders to take more risks. Meanwhile, traders are closely watching developments concerning Bitcoin Options set to expire later today.
On-chain data provider Santiment reported a notable increase in futures and open positions for Bitcoin, noting that open interest increased by $922 million last week. However, it’s important to consider the possibility of FOMO (Fear Of Missing Out) in the market. Over the past two days, Bitcoin has experienced a partial price pullback. Currently, BTC is trading at $34,118, marking a 1.81% decrease, with a market capitalization of $666 billion.
| You are looking to New 1000x Potential Gems: We recommended to Click Here to Buy Safely! |
Renowned cryptocurrency market analyst Ali Martinez noted that Bitcoin appears ready for a pullback before making further upward movements. The hourly chart shows that BTC has formed a rising wedge pattern. Given that BTC is currently trading below the cross line, there is a 5% probability of a correction towards the $33,000 level.
Another popular analyst, Rekt Capital, mentioned that upcoming pullbacks should be seen as an accumulation opportunity in the months ahead. He also noted the elongated cycles of the market, marked by breakout rallies and retracements. Thus, he suggested that investors might find opportunities to accumulate during future declines.
Bitcoin Options Expiry
After a strong start to the week, Bitcoin traders are closely monitoring Bitcoin Options data today. According to data from Greeks.Live, about 87,000 BTC options are set to expire, with a Put-Call Ratio of 0.88, a maximum pain point of $29,000, and a total expiring value of $2.98 billion.
On October 24, BTC briefly hit $36,000, marking a new yearly high. This move led to an increase in the long-term implied volatility nearing a yearly peak. Consequently, this week’s option strike price will be significantly distant from the maximum pain point.
However, it’s essential to note that most of the whales have been selling for the past week. While market sensitivity has notably increased, it may not be sufficient to sustain the current bull market. Therefore, Bitcoin faces a significant test ahead of the launch of a Bitcoin ETF.
