Bitcoin sees ‘pretty healthy’ consolidation on expiration day
BTC options for $ 200 million
Everything is bullish except for the price this Friday as $ 200 million in Bitcoin options expire and the focus turned to quarterly corporate disclosures.
The price of Bitcoin (BTC) was hovering around $ 48,000 USD on Friday morning, as hopes for a bull run continued thanks to low supply and upcoming corporate disclosures.
Bitcoin chart (BTC / USD) 1 hour
Anticipation built for crypto-crypto breakout
Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin continued to consolidate through Friday, with the last option expiring now.
The Bitcoin bear had made little progress since its rally to $ 47,000 the day before, but bullish analyst expectations were also firmly intact.
As Cointelegraph reported, these revolve around a “supply crunch” that drives prices up, a combination of increased demand when long-term holders already own nearly 80% of the money offered.
“Please be aware of the alternative offering and the upcoming ETF season, which will likely be the main drivers and disclosures,” noted trader Pentoshi in his comments on the price outlook for BTC.
Cointelegraph contributor Michaël van de Poppe was equally cool about the current market activity.
“I don’t think you should worry about the consolidation of the market here. Pretty healthy, ”he summed up that day.
Altcoins are always on the move. Good months to come in crypto. ”
A look at the buy and sell levels on the main Binance exchange confirmed the resistance above $ 48,600 USD as it declined during consolidation. Meanwhile, the buying interest was still $ 44,000.
Bitcoin (Binance) buy and sell levels as of September 17
Source: Material indicators
“Bullish but cautious”
Calmer conditions on derivatives platforms also allayed concerns about a repeat sell-off from last week.
When the price of Bitcoin lost $ 10,000 USD in a single day, over-leveraged trading collapsed and leverage has remained considerably lower since then.
The slightly positive funding rates suggest that the market is much better positioned for a sustained, bullish, but not irrational rally.
“Bitcoin futures traders remain reasonably optimistic with a positive funding rate applying to perpetual swap contracts,” said Yann Allemann and Jan Happel, co-founders of chain analytics firm Glassnode, in an accompanying chart.
“Notice how positive the finance rates are, but not at the same level as before the $ 10,000 sale last week. The Bitcoin market is bullish, but cautious. “
Annotated Chart of Bitcoin Forward Finance Rates
Source: Yann and Jan / Twitter
Par William Suberg, Cointelegraph
William Suberg got into Bitcoin while completing his master’s degree and hasn’t looked back since, writing about everything cryptocurrency that makes him sit back and get your attention. He started working with Cointelegraph in October 2013.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you should do your own research when making a decision.
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