Bitcoin Options Data Shows Rise In Put Calls, Whale Holdings Drop

Bitcoin has given the early week gains with the BTC price dropping to $26,500 levels as of press time. The Bitcoin options data shows the surge in the total number of put calls during Friday’s expiry.

As per data from Greeks.live, approximately 22,000 BTC options are nearing their expiration, featuring a Put Call Ratio of 1.00, a maximum pain point at $26,500, and a total notional value of $590 million.

This week has seen a notable surge in Put positions, as more investors have been actively acquiring Puts due to deteriorating market liquidity conditions.

On the other hand, on-chain data shows that Bitcoin whale holdings have dropped to their lowest levels since May 2023. However, there’s massive buying by the retail players at every dip. Also, as per the latest reports, the Bitcoin traders have been shorting aggressively.

On-chain data provider Santiment explains: The number of non-whale Bitcoin wallets, characterized by holdings under 100 $BTC, has reached record-breaking levels, constituting 41.1% of the total available supply. Conversely, the wallets held by whales in the range of 100 to 100K BTC now account for 55.5% of the supply, marking their lowest ownership level since May.

Bitcoin Price Support Levels

The Bitcoin price initiated a downward correction after failing to surpass the $27,500 resistance. BTC dipped beneath crucial support levels at $27,000 and $26,800, entering a bearish phase.

Additionally, a significant bullish trendline with support around $26,800 was breached on the BTC/USD hourly chart. The pair retested the support zone at $26,350 and is presently consolidating its losses. It’s currently trading close to the 23.6% Fibonacci retracement level of the recent drop from the $27,494 swing high to the $26,358 low.

Bitcoin is now trading below both $27,000 and the 100-hourly Simple Moving Average (SMA). Immediate resistance to the upside is near $26,800. The first major resistance zone encompasses $27,000, a connecting bearish trendline, and the 50% Fibonacci retracement level of the recent decline from the $27,494 swing high to the $26,358 low.

The subsequent crucial resistance level might be approximately $27,050. A breach above this point could spur bullish momentum, possibly pushing the price toward the $27,500 resistance. Further advances might even pave the way for a move towards the $28,800 level in the coming days.