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Why Bitcoin Price Is Destined To Pump In July 2023?

Bitcoin price prediction: The recent crypto market rally came just around the time before closing of Bitcoin and Ethereum options.
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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.

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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

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Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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