Bitcoin Rollover Indications Suggest Bullish Shift Toward $100,000 Cryptocurrency Explosion (US Crypto News)
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Save a quick minute to check out this quick rundown of the Bitcoin (BTC) price forecast, coupled with a peek into the current vibe in the options market. Remember, it's the final Friday of April, and we're waving goodbye to monthly options expiries today at 8:00 UTC on Deribit.
Bitcoin's Reach for $100,000 - Strong Market Anticipation
In the early hustle of the Asian session, around $8 billion worth of Bitcoin and Ethereum options bit the dust. BTC options accounted for a whopping $7 billion.
Now here's where things get interesting: despite the usual tendency for an asset's price to gravitate toward its max pain level as options near expiration [1], Bitcoin breezed past its max pain price of $86,000 and is currently trading for $94,581.
We reached out to Bitfinex analysts for their take on the current market scenario, and they shared some intriguing insights:
"Post-expiry, the market is leaning more on the side of caution and with the $90,000 strike cluster now out of the way, there's less option-based resistance overhead," the analysts stated.
But wait, there's more! Analysts noticed that many traders have rolled their exposure to higher strikes, with $95,000 and $100,000 showing increased call open interest for end-April and May expiries. This suggests that traders expect continued upside if these positions are exercised or maintained [2].
This trend aligns with Deribit analysts asserting that the highest open interest for BTC options was around the $100,000 strike price, signifying that the market anticipates Bitcoin hitting this level [2].
As reported earlier on BeInCrypto, analysts attribute this trend to traders selling cash-secured put options on Bitcoin while buying at lower prices using stablecoins [2]. Meanwhile, the cumulative delta (CD) across BTC and related ETF options on Deribit reached $9 billion, with our analysts attributing this to rising spot flows and ETF demand [2].
Though projections hint at further BTC price gains, analysts like Innokenty Isers, CEO of Paybis Exchange, advise investors to dial back their enthusiasm [3]. Isers notes that the current market environment is tense due to uncertainties surrounding the tariff war and inflationary risks. However, he acknowledges that institutional investors and market whales exhibit clear signs of sustained Bitcoin accumulation [3].
Chart of the Day - Bullish Call Options in Focus
This chart highlights that the top Bitcoin options by trading volume over the past 24 hours are call options with $95,000 and $100,000 strike prices before the May 2 expiry.
Magical Alpha - Bitesized Crypto Insights
- Bitcoin rallied a whopping 25% in April, shifting market sentiment from fear to greed, per the Crypto Fear & Greed Index readings [4].
- Cardano surged 15% in a week, holding a solid bullish structure, despite a drop in volume and early signs of consolidation near key price levels [4].
- Bitcoin ETFs extended their inflow streak to five days, tallying $442 million on Thursday and reaching $2.68 billion over the whole week [4].
- Base blockchain saw a surge in TVL, adding $557 million to reach $3.335 billion following Binance.US integration for ETH and USDC transfers [4].
- SUI token has spiked 62% this week thanks to buzz around rumored Pokémon collaborations involving Parasol Technologies [4].
- The USD1 stablecoin, launched by World Liberty Financial, is subject to EU's MiCA regulations, requiring compliance with transparency, reserve backing, and conflict of interest rules [4].
- Arbitrum's application to join Nvidia's Ignition AI Accelerator program was denied due to Nvidia's risk control strategy, which excludes crypto-oriented projects [4].
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[1] https://www.investopedia.com/terms/o/optionexpiration.asp[2] https://www.beincrypto.com/crypto-markets-hit-by-plethora-of-options-expiries-in-asian-session/[3] https://www.beincrypto.com/bitcoin-price-hovering-around-90000-market-mixed-as-ta-war-casts-shadow-on-crypto/[4] https://www.beincrypto.com/crypto-reports-2022-apr-21-recovering-from- crypto-crash-what-to-expect-for-ether-sol-and-ada/
- Today marks the end of monthly options expiries for Bitcoin at 8:00 UTC on Deribit, while Ethereum options also faced a significant amount of liquidation in the Asian session.
- Despite Bitcoin typically gravitating towards its max pain level as options near expiration, Bitcoin has surpassed its max pain price of $86,000 and is currently trading for $94,581.
- Analysts from Bitfinex suggest that post-expiry, the market may lean towards caution as the $90,000 strike cluster has been removed, potentially leading to less option-based resistance overhead.
- Analysts have observed a trend of traders rolling their exposure to higher strikes, with increased call open interest for $95,000 and $100,000 strike prices for end-April and May expiries, indicating a bullish sentiment.
- Deribit analysts note that the highest open interest for BTC options is around the $100,000 strike price, signifying that the market expects Bitcoin to reach this level.
- Meanwhile, the cumulative delta (CD) across BTC and related ETF options on Deribit has reached $9 billion, attributed to rising spot flows and ETF demand.
- Institutional investors and market whales exhibit clear signs of sustained Bitcoin accumulation, but analysts like Innokenty Isers advise investors to remain cautious due to uncertainties surrounding the tariff war and inflationary risks.
- The US Dollar-pegged stablecoin launched by World Liberty Financial is subject to the EU's MiCA regulations, which require compliance with transparency, reserve backing, and conflict of interest rules.
- Arbitrum's application to join Nvidia's Ignition AI Accelerator program was denied due to Nvidia's risk control strategy, which excludes crypto-oriented projects.
