Bitcoin (BTC) Price Analysis: Option Data Skewed In Favor Of Bears; Will BTC Move Past $40k?

Published by
Bitcoin (BTC) Price Analysis: Option Data Skewed In Favor Of Bears; Will BTC Move Past $40k?

Bitcoin (BTC) price touched the $39k threshold on the previous day, the highest level in the last two weeks. But, the traders are not confident to sustain the momentum as a result BTC trades in a very tight range with negative returns in today’s session.

  • Bitcoin (BTC) fails to capitalize on the previous session’s gain on Wednesday.
  • As per the options data, $39k emerges at the MAX pain area for traders.
  • Bitcoin retreats after touching highest in two weeks indicating the coin is not of woods yet.

At the press time, BTC/USD is trading at $38,525, down 0.50% for the day. As per the CoinMarketCap, the 24-hour trading volume is down 3.27% at $20,525,274,522.

Advertisement

Bitcoin Options Demand More Put than Calls

Arcane Research in its report revealed that options traders are betting on put options over calls. But are not sure of the next movement and the price largely remained perplexed near the higher levels. As reported, the implied volatility is low, which means there is less upward or downward price movement for Bitcoin.

Source: Coinoptionstrack.com

The MAX pain area is placed at $39k, thus making it a crucial level to trade. MAX pain area is where option owners (buyers) feel “maximum” pain or the chances of losing money is maximum by the bulls. On the other hand, option seller stands to reap the maximum gains.

Advertisement

A pennate formation on the daily chart signals Bears is on top!

Source: Trading view

On the daily chart, the formation of ‘Pennate’ formation indicates the continuation of the prevailing trend. If the price breakout the lower trend line of the channel then the next destination for the bears is at $32,933.33.

Next, the market participant will set their eyes on the lows last seen in July at $29,301.56.

The momentum oscillator, daily relative strength index (RSI) trades at 40 with a neutral stance. Any uptick in the indicator could help the bulls to place their bets. The first immediate upside target is placed at $40k.

Advertisement

Share
Rekha chauhan

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects.

Published by
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Price Analysis

Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying

Pi Network price has crashed by over 90% from its highest level since its mainnet…

October 2, 2025
  • Price Analysis

Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy

The Solana price continues to capture attention, with renewed focus coming from both analysts and…

October 2, 2025
  • Price Analysis

Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout

Cardano price continues to draw fresh attention as the market shows signs of renewed strength.…

October 2, 2025
  • Price Analysis

BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes

BONK price has drawn attention once again as its chart structure hints at renewed interest…

October 1, 2025
  • Price Analysis

Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth

Shiba Inu price has crashed in the past few months, moving from a high of…

October 1, 2025
  • Price Analysis

XRP Price Prediction After Ripple CTO David Schwartz Resigns

XRP price has shown renewed strength in the last 24 hours, recording a modest daily…

October 1, 2025