Is Bitcoin Headed For $34,000? Large Buyer’s Purchase May Signal Yes
30 Mai 2023 - 12:00AM
NEWSBTC
Bitcoin is finally seeing some green after trading at a loss over
the past two weeks. The cryptocurrency continues to trade within a
tight range, but activity in the options market could hint at a
potential run toward new highs. Related Reading: No All-Time High
For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts As of
this writing, Bitcoin (BTC) trades at $27,900 with a 2.5% profit in
the last 24 hours. Over the last week, the cryptocurrency has seen
twice the profits recording a 4.4% performance. Other
cryptocurrencies in the top 10 by market cap are experiencing
similar momentum. Bitcoin Options Hint At Fresh Rally? Data from
crypto options trading platform Deribit indicates a drop in Implied
Volatility (IV). This metric measures the expectation of future
price movements by market participants. IV has been trading
sideways over the past month, with a tendency to the downside.
Deribit claims that growing uncertainty in the crypto market and
the macroeconomic landscape is fueling the current dynamic on this
metric, which translates into slow price action for BTC and crypto.
As the price of Bitcoin retraces, option buyers have been selling
their contracts. When the opposite happens, and BTC sees an uptick,
options sellers dump their contracts. This dynamic has put
“constant selling pressure” on the IV and contributed to
suppressing the BTC spot sector. However, the upcoming U.S. debt
ceiling, the date this country could default on its national
financial commitments, could change the status quo. The narrative
around this event hints at a further appreciation for BTC and
risk-on assets. Today, equities and crypto rallied as key political
factions in the North American country reached a tentative
agreement that could avert a crisis across the financial world.
Over the weekend and into today’s development, Deribit noted that
maturity for BTC options turned profitable. The exchange also saw
aggressive calls buying as the landscape signals profits for the
cryptocurrency and prices return north of $27,000. This large
player bought calls (buy orders), betting that BTC could hit
$34,000 somewhere in July/August 2023, as seen on the chart below.
Related Reading: Polkadot Experiences Correction After Reaching
$5.54: What’s Next In Store? Deribit stated in a market update: Sub
7day ATM-28k Calls + July 31k Calls bought bravely ahead of the
long weekend Theta turned profitable as Debt-ceiling talks
progressed and a large DSOB buyer of July+Aug 34k Calls
aggressively accumulated at higher prices just prior to Spot
slicing through 27.3k and now 28k Cover image from Unsplash, chart
from Tradingview
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