option data shows that large investors are mostly focused on bullish options.
- In a bearish scenario, significant losses can occur due to the large trading volume in bullish options.
- The price of Bitcoin has been moving sideways in recent days, but if it remains above the blue support zone, there is still potential for an uptrend.
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Bitcoin option data shows that large investors are mostly focused on the upside. However, the price is still moving sideways within a certain range and there is a downside risk below the blue support zone. The price continues to monitor the specified support and resistance levels.
Bitcoin Could Start Rising If It Holds onto Critical Support!
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When we examine the price chart of Bitcoin, it can be seen that it has been moving sideways within a certain range for the past 4 days. As long as the BTC price remains above the blue support zone mentioned in the analysis, it may have the potential to continue the uptrend.
However, if the Bitcoin price closes below the blue support zone on a daily basis, it could carry the downward trend to the levels of $23,980 as mentioned in the previous analysis. However, if the BTC price continues to hold onto the blue support, it could initiate the uptrend and target the $27,000 level first, followed by the $28,400 level.
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The price movement of Bitcoin seems to continue to monitor these specified support and resistance levels.
Bitcoin Option Positions Weighted towards Upside!
When we look at the current option data of Bitcoin, it can be observed that large investors are mostly focused on bullish options. In the last 24 hours, there is a trading volume of 14,332.2 BTC in Call (upside) direction.
The trading volume for Put (downside) options is 6,700.85 BTC. These data indicate that Bitcoin whales are generally inclined towards the upside. However, in the event of a possible downturn, significant losses can occur in bullish options.
These option data remind us that similar ratios of bullish options were present before Bitcoin reached the $28,000 level in previous periods.