BitcoinBitcoin OptionsbtcusdBTCUSDTcryptocurrency

Bitcoin Bulls Take Control Ahead of $6bn Options Expiry; What to Expect?

Bitcoin retained its intraday bullish bias Friday just ahead of its $6 billion options expiry.
In retrospect, options are contracts that give traders the right to purchase or sell an asset at a specified price before a certain expiration date. Data on shows that there is over 100,000 BTC worth of options set to expire on Friday, March 26, across multiple cryptocurrency exchanges.
As bears and bulls battle one another to claim their’s preferable strike rate, the bitcoin spot market expects to undergo major price swings. And that is happening already ahead of the London opening bell.
…surged 4.9 percent to $53,524 (data from Coinbase) after falling to nearly $50,000 in the previous trading session. The cryptocurrency’s move went against the odds of extended downside declines to match the put options’ strike price, which is near $47,500 and $40,000. Meanwhile, a majority of call options expiring this Friday eyed the $55,000-60,000 range.
The general call-to-put ratio showed bulls in control, with bets over a bitcoin price rise will leaning 11 percent higher than those with a negative price outlook. That increased the likelihood of the BTC/USD spot rate hitting $55,000, the second-most favorable strike price among bulls.
Bitcoin eyes a recovery towards $55,000. Source:
The Bitcoin options market propelled the spot one higher, similarly after the January contract expiration. The month saw $4 billion worth of record options expiring, with a bullish call-to-put ratio outlook. The bitcoin price surged by more than 100 percent after that.
Options open interest has also soared this year, rising …
Story continues on Bitcoinist

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsRay Dalioxbtusd

The US Government Could Ban Bitcoin, Billionaire Investor Ray Dalio Asserts

Billionaire Ray Dalio has spoken on the possibility of the government folding Bitcoin up in the future. This has been a topic of debate among Bitcoin lovers who are weighing the possibility of the government outlawing Bitcoin. This may either…
cryptocurrencyCryptocurrency NewsDeFiElon MuskNews

Elon Musk Shows Support For DeFi Amid Ongoing Industry Criticism

If there’s one thing Elon Musk is consistently doing, it’s expressing his views on anything from rockets, spacecraft, art, and cryptocurrencies. When it comes to the latter, Musk seems to have a lot to say, casually and mordantly. This was…

China Sets the Stage for Central Bank Digital Currencies, Proposing Global Rules for Nations

China recently proposed a set of global guidelines on central bank digital currencies (CBDC) earlier this Thursday, discussing potential uses and implications of a sovereign digital currency. With the coronavirus pandemic exposing inefficiencies in traditional payment systems, there has been…