Bitcoin Price Won’t Stay Below $30K for Long, Crypto Options Traders Bet
The recent dip in Bitcoin’s price below the $30,000 level is not expected to be a prolonged downturn, according to Rachel Lyn, CEO of SynFutures, a decentralized exchange for derivatives. In a note on Friday, Lyn stated that the lack of traders selling $30,000 bitcoin call options suggests that market participants do not foresee the price staying below this level for an extended period.
Bitcoin, the largest cryptocurrency by market capitalization, had been trading above $30,000 for most of July, even reaching a near one-year high of $31,800 earlier this month. Positive catalysts, such as the spot bitcoin ETF application by asset management giant BlackRock and a favorable court ruling on Ripple’s XRP, contributed to the uptrend. However, the bullish momentum waned in recent days, and Bitcoin’s price dipped below $29,000 earlier this week, currently hovering around $29,350.
Despite the brief decline below $30,000, Lyn believes it is likely just a short-term correction within the overall bullish trend. She pointed out that the absence of $30,000 call option selling from bearish traders indicates that they don’t anticipate this level to become significant resistance, at least in the near term.
Lyn highlighted that a crucial price level to watch is $31,000, as it is showing strong open interest for call options. Open interest refers to the number of active options contracts at a particular strike price. In this case, the substantial open interest at $31,000 suggests that it could act as potent resistance if Bitcoin’s price bounces back.
Options are financial instruments that give investors the right to buy or sell an underlying asset at a predetermined price on or before a specified date. Call options allow buyers to purchase the asset, while put options enable selling. Bitcoin traders often utilize call options to make leveraged bullish bets on the cryptocurrency’s price.
Another perspective on optimizing returns during the current period of suppressed crypto market volatility comes from Singapore-based crypto services provider Matrixport. They advise investors to sell spot Bitcoin and instead purchase call options, aiming to capitalize on potential price movements while volatility remains low.
As of now, the CoinDesk Bitcoin Price Index shows Bitcoin trading at $29,350, representing a 1.5% decrease over the past week.
While market sentiment might sway in the short term, Bitcoin’s overall trajectory remains of significant interest to traders and investors. As developments unfold, the cryptocurrency community eagerly awaits the next price movements and the potential impact of external factors on the market
Vfxfhk
can i buy ivermectin online – ivermectin for covid carbamazepine canada
January 1, 2025Gmqnie
order isotretinoin pill – decadron generic buy zyvox 600mg without prescription
January 13, 2025Ydijmu
order amoxil online cheap – order diovan 160mg online order ipratropium 100 mcg online cheap
January 14, 2025Yjfkhv
zithromax 250mg without prescription – order bystolic 5mg pill cheap bystolic
January 27, 2025Vgpbmi
order prednisolone generic – omnacortil 10mg cheap order prometrium online
January 30, 2025Aunpqs
neurontin 100mg pill – order generic clomipramine order sporanox 100 mg pill
February 7, 2025Tuetyi
oral lasix – betnovate 20gm usa3 betnovate order online
February 8, 2025Smcxcj
oral acticlate – acticlate without prescription glucotrol generic
February 13, 2025Whipnb
augmentin brand – purchase augmentin generic buy cymbalta 20mg without prescription
February 14, 2025Stwara
amoxiclav canada – ketoconazole 200mg tablet order duloxetine for sale
February 21, 2025Tplvnr
buy rybelsus medication – semaglutide 14 mg oral buy cyproheptadine sale
February 23, 2025Xwrgsy
order tizanidine 2mg online – tizanidine medication order hydrochlorothiazide 25mg generic
February 26, 2025Zdjyqo
order tadalafil 10mg online cheap – viagra tablets sildenafil otc
March 3, 2025Rpthlx
buy viagra 50mg pill – brand name viagra usa cialis sales
March 3, 2025Pvmgro
cenforce price – cenforce 50mg cost oral metformin 1000mg
March 10, 2025Kodcdl
lipitor 20mg sale – atorvastatin uk buy zestril 2.5mg generic
March 13, 2025Gnukob
buy omeprazole 20mg pill – buy metoprolol tablets buy generic tenormin 50mg
March 20, 2025Kwqbse
buy depo-medrol without prescription – aristocort without prescription triamcinolone buy online
March 25, 2025Cbpygy
buy desloratadine 5mg without prescription – claritin ca buy dapoxetine tablets
March 27, 2025Utrsrp
order generic cytotec 200mcg – order xenical 120mg without prescription order diltiazem online
March 29, 2025Lcptza
buy zovirax generic – buy crestor 20mg without prescription buy cheap generic crestor
April 4, 2025Kguyza
domperidone 10mg generic – purchase domperidone without prescription buy flexeril without prescription
April 6, 2025Ouxlpi
domperidone 10mg ca – purchase tetracycline pill buy generic cyclobenzaprine online
April 14, 2025Hdfvip
inderal 10mg pill – order methotrexate 10mg pills methotrexate 2.5mg over the counter
April 15, 2025Mlickf
order coumadin 2mg generic – order losartan 50mg pill purchase hyzaar generic
April 19, 2025Vcgaaf
esomeprazole 20mg uk – where to buy topamax without a prescription oral sumatriptan
April 22, 2025Azxdpd
cost levaquin 500mg – avodart price ranitidine 150mg pill
April 22, 2025