A large number of Bitcoin options contracts will expire today. Prior to that, momentum potentially driven by Ripple and XRP supports prices. What’s next for BTC?
25,000 options expiring: will Bitcoin price continue to rise?
On July 14, 25,000 Bitcoin options contracts will expire. These contracts are worth approximately $770,000. While this is not a major expiration event, it already adds to the market momentum driven by Ripple and XRP. The group of Bitcoin options, which is about to expire, has a sell/buy ratio of 0.56. This means that buy (long) contracts are about twice as many as put (short) contracts.
The ratio is obtained by dividing the number of short contracts by the number of long seller contracts. Also, values below one mean there are more call contracts. This indicates a bullish trend for the underlying asset. The critical level for today’s expiring options contracts is $30,500. This level refers to the level where the most open contracts and the most damage will be done at maturity.
Also, different reports observed that BTC reached a new high for the year. However, “judging by the market sentiment, most participants do not seem to be profiting from the rally.” According to analysis of Greeks Live’om:
Options positions and volumes were well below average this week, and the options market is relatively fragmented.
Market momentum change
Meanwhile, 176,000 Ethereum options contracts also expire today. They have a notional value of $355 million and a buy/sell ratio of 0.66. The maximum pain point for ETH contracts is $1,900. Greeks Live added that most of the whales “anticipate a change in the market after opening a large position earlier this month.” This week’s trade is more about adjusting positions, he noted. According to the report:
The current BTC buy position is more than doubled and ETH more than tripled, so when the uptrend starts, the current options pattern will be broken.
However, this change may have occurred in today’s $80 billion spot crypto market rally. This encourages derivatives traders to buy more call contracts if they expect further momentum and price increases. Total capitalization increased 6.8% per day at the time of writing to $1.30 trillion. However, the broader crypto market is still in its four-month side channel and there has been no long-term breakout yet.
Bitcoin quietly surpasses resistance spurred by altcoin rally
Bitcoin price crosses the $31,500 resistance level for the first time since June 1, 2022. However, a few metrics are showing a bearish trend. According to Santiment’s July 14 tweet, BTC would also break the key $31,500 resistance level for the first time since June 2022. However, at the time of writing, it has again fallen below this bar.
Additionally, the latest CryptoQuant analysis revealed that miners as well as investors play a role in pushing the price of BTC up. Takeronchain, an analyst and writer at CryptoQuant, used the Exchange to Miners Indicator to reveal an interesting update.
According to the analysis, the miners-to-exchange indicator experienced a moderate increase, lower than the stock-to-miners indicator. This shows that miners have a stronger tendency to protect their Bitcoin holdings.
cryptocoin.comAs you follow, some analysts predict that BTC has ended its bear market.
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