Bitcoin OptionsBitcoin PriceCardanoCointelegraph.comCryptocurrenciesMarket UpdateMarketsTrading

Bitcoin bulls ‘hold back’ as BTC’s monthly futures expiry approaches

Bitcoin price briefly rallied above $60,000 but analysts say bulls are holding dry powder until after the March BTC futures expiry.
Bitcoin (BTC) briefly reclaimed the $60,000 level on March 18 as concerns over the strength of the equities market mount due to rising U.S. Treasury yields. Data from Cointelegraph Markets and TradingView shows that the price of Bitcoin began increasing in the late-night trading hours on March 17 and it briefly crossed above $60,150 before meeting overhead resistance. BTC/USDT 4-hour chart. Source: TradingViewAccording to Ben Lilly, an analyst and co-founder of Jarvis Labs, momentum from stablecoin issuance has translated into good price action for BTC over the past two days. This is in contrast to the stop-and-go action in new issuance seen earlier in the month. For Lilly, this indicates that parties interested in buying Bitcoin have begun to “ramp-up” their activities as the market moves higher. Lilly highlighted the upcoming options expiry on March 26 as something that could be influencing recent moves as “many traders are locking in their profits that are attached to this expiry,” indicating that there may be subdued trading activity until that date passes. BTC options open interest by expiry. Source: SkewLilly said:“If that’s the case – good stablecoin flow and the large expiry passing – there’s a strong case for new all-time highs in the weeks that follow. Building momentum in April can lead to the run towards $100K by summertime that many are hoping for.”Altcoins join in on the rally A large number …
Story continues on Cointelegraph

Related posts
BusinessCointelegraph.comDiemFacebooklibraSan FranciscoStablecoin

Diem co-creator leaving Facebook for Planet Labs

Kevin Weil has previously said that the launch of the Facebook-backed stablecoin would be “a journey of years and decades.” Kevin Weil, the vice president of product at Facebook’s digital wallet unit and one of the creators of the Libra…

Want to be rich? Data and Bitcoin’s supply cap show you only need 0.01 BTC

In 10 years Bitcoin’s finite supply will be nearly exhausted, meaning holders might only need 0.01 BTC to become filthy rich. Saving 0.01 Bitcoin (BTC) might cost only $5,000 today but according to the current global wealth distribution and the…

Stocks of Bitcoin: JPMorgan offers BTC exposure, an ETF in sheep’s clothing

JP Morgan bunched proxy crypto stocks to give skeptical investors exposure to the crypto economy. Cryptocurrency adoption has been penetrating the mainstream at an exponential rate. While most investors are going straight into buying the likes of Bitcoin (BTC) and…