- The big question is whether the bulls will continue to push the price up or if they are slowly losing strength?
- As a result of the spread of rescue news, BTC started a 46% rise.
- According to Greekslive analysts, BTC options could become important today. A total of 31,000 BTC options will expire today.
Bitcoin price continues to trade above $30,000, but the main concern for investors is whether the rise will continue.
Will Bitcoin’s Rise Continue?
In the past few days, the price of Bitcoin has risen rapidly due to the impact of BlackRock news. The big question is whether the bulls will continue to push the price up or if they are slowly losing strength? With these thoughts, there is currently a striking similarity in BTC’s chart with the rally in March 2023.
Back then, after reaching a yearly peak of $25,200, the BTC price experienced a drop of more than 22%. The news coming from the macro and crypto environment, such as USDC losing its connection to the US dollar and the approaching banking crisis, was extremely negative. However, as a result of the spread of Silicon Valley Bank (SVB) rescue news, BTC started a 46% rise. Remarkably, this happened with a one-day break.
Let’s come to today, Bitcoin could be in that position again. When the Bitcoin price fell below $25,000 on June 14, the news was extremely negative (Tether FUD, SEC lawsuits, and more). However, BTC was saved again by bullish news: BlackRock’s application for a Bitcoin spot ETF.
Since the news, BTC has risen by more than 20%. The price took a break yesterday. The million-dollar question is: Will the second pumping part come today, just like in March, or has Bitcoin already experienced its rise?
Data Supports Bitcoin Bulls, But Caution Should Be Exercised
According to Greekslive analysts, BTC options could become important today. A total of 31,000 BTC options will expire today, with a put-call ratio of 0.73, a maximum pain point of $27,000, and a nominal value of $930 million. The value of BTC option positions, encouraged by the rise of BTC, has increased by almost 50% this week.
Meanwhile, on-chain experts from Glassnode noted that market participants made a significant profit of $537 million after the recent rally in the Bitcoin price, making it the second-largest profit-taking transaction in the past year.
