NewsletterBitcoin Price Set To Breach $30K? BTC Open Interest Options Spikes
Bitcoin News: Bitcoin (BTC), the world’s biggest digital asset is on an upward rally as investors turn toward the crypto market amid the erupting banking crisis. This helped the Bitcoin price to surge by a massive 29% in the last 30 days to regain the crucial $28K level. However, traders now await BTC’s next price jump to breach the $30K level.
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Investors Wait Next Bitcoin Price Jump
Glassnode reported that for the first time, the amount of Open Interest in Bitcoin Options contracts has surpassed the future contracts. Bitcoin Options contracts stand at around $10.3 billion while its Futures contracts stand at $10 billion.
It added that Futures Open Interest has been relatively flat in the year 2023. The recent spike in Call options signals that investors are speculating for a higher Bitcoin price ahead.
Michaël van de Poppe, a crypto analyst suggested a calm weekend for the world’s largest crypto. Bitcoin price remained flat over the past few days. He added that the more BTC stays on this track the heavier the impulse will be. Read More Bitcoin Price News Here…
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Bitcoin entered the year 2023 with an average trading price of $16,547. He added that the ongoing price rally came direct from BTC trading around the $15k price level, so, strong continuations might be seen ahead. However, for now, $ 27,600 can be a price support level to watch out for.
Bitcoin price is up by over 68% on a year-to-date basis (YTD). BTC price went on to trade over the $28K price level on March 20, 2023. However, since the Bitcoin price hovered around the $27K-$29K price levels.
BTC is trading at an average price of $28,133, at the press time. Its 24 hour trading volume is down by 24% to stand at $9.5 billion.
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