Why Bitcoin Price Is Destined To Pump In July 2023?

Crypto Market News: The recent crypto market rally came just around the time before closing of a huge chunk of Bitcoin and Ethereum options, potentially paving way for significant volatility. Around 40% of the average daily volume in options market is dominated by Bitcoin and Ethereum quarterly positions. Hence, the crypto market could well be in for a huge upside in the crypto asset prices.
Also Read: Cardano Price Analysis Today: Is $ADA Price Ready to Reclaim $0.3?
The recent rally in Bitcoin price came at the back of back to back lawsuits against crypto exchanges Coinbase and Binance, after which the crypto market looked largely unfazed in terms of price changes.
Quarterly Expiration Week
Options market data suggests that a massive share of BTC and ETH quarterly positions account for open interest by expiration. Therefore, this could have a market moving impact when the positions expire on Friday, June 30, 2023. According to numbers from AmberData,
“150,633 BTC options contracts worth $4.57 billion & $1.23 million ETH contracts valued at $2.3 billion will expire on Deribit Exchange.”
Earlier, CoinGape reported that the Bitcoin price rally could help breach the $31,150. From the current level, it would be an around 5% jump to reach the target price, which was the peak during the March 2023 rally when the US regional banking crisis was dominating the financial markets.
Also Read: Crypto Draft Bill: Gary Gensler To Appear Before US House Committee
- Standard Chartered Predicts Bitcoin Could Drop Below $100K Amid U.S.–China Trade Tensions
- Rising Demand for Verifiable Crypto Ownership Drives Launch of Trezor Safe 7
- Robinhood Lists Binance Coin as BNB Outperforms BTC, ETH, SOL YTD By Over 30%
- Bitget Partners With Google Developer Group On Hackathon To Support AI Innovation
- Can Cardano Save Kadena? Hoskinson Reaches Out After KDA Token Plunges 60% Amid Shutdown
- XRP Price Classical Pattern Points to a Rebound as XRPR ETF Hits $100M Milestone
- Chainlink Price Eyes $27 Rebound as Whales Accumulate 54M LINK
- Pi Network Price Wedge Signals a Rebound as Key Upgrades Raise Utility Hopes
- Solana Price Eyes $240 Recovery as Gemini Launches SOL-Reward Credit Card
- XRP Price Prediction Amid Evernorth’s $1B XRP Treasury Plan – Can XRP Hit $5?
- Ethereum Price Targets $8K Amid John Bollinger’s ‘W’ Bottom Signal and VanEck Staked ETF Filing