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Cryptocurrency News Articles
Bitcoin (BTC) Primed for Volatility as Key Options Expiry Looms, Market Analysts Focus on MVRV Metric
Sep 29, 2024 at 11:15 am
Bitcoin (BTC) is gearing up for a period of short-term volatility as a significant options expiry looms by the end of the week.
Bitcoin (CRYPTO: BTC) is gearing up for a period of short-term volatility as a significant options expiry looms by the end of the week.
Key Levels In Play: As Bitcoin heads towards the expiry of a large number of options contracts, traders are preparing for heightened price volatility. Options expiry can often lead to rapid price movements as traders react to the changing market conditions.
According to several analysts, this could amplify the existing pressure around the present resistance levels.
Traders are keeping a close eye on the 155-day moving average (MA) as a critical resistance level. Should Bitcoin break through this MA, it could trigger a rally similar to the one seen in October of last year when the 155-day MA played a crucial role in a price surge.
Bitcoin's 30-day net holdings have shifted to the upside, suggesting an increase in buying pressure within the market, especially in the U.S., where interest in a Bitcoin spot exchange-traded fund (ETF) is gaining steam.
Recent data shows a positive change in Bitcoin's 30-day net holdings, which has shifted to the upside. Ki Young Ju, the Founder and CEO of Crypto Quant, highlighted this trend in a post on X (NYSE:SQ) (formerly Twitter).
This uptick in holdings suggests an increase in buying pressure within the market, particularly in the United States, where interest in a Bitcoin spot exchange-traded fund (ETF) is gaining momentum.
The increasing demand for a Bitcoin spot ETF has played a vital role in driving up U.S. Bitcoin reserves. Over the past 14 months, the U.S. Bitcoin reserve ratio has steadily climbed, a trend that historically precedes the final phases of a Bitcoin bull run.
If past patterns hold true, this rise in reserves could signal the beginning of another potential rally for Bitcoin.
Bitcoin Price Action: BTC is up 0.03% and trades at $23,924 at the time of writing on Friday.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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