By NewsBlogger The cryptocurrency market, including Bitcoin and Ethereum, is experiencing volatility and uncertainty due to factors such as options expirations, market capitalization fluctuations, and government actions, requiring traders and investors to monitor developments to make informed decisions closely.
At a glance
- Bitcoin and the broader cryptocurrency market are experiencing significant volatility and price movements.
- Around 18,000 Bitcoin options are set to expire on April 5 with a notional value of $1.23 billion.
- The total market capitalization fell by 5% this week, with $150 billion leaving the space.
- The put/call ratio for today’s Bitcoin options contracts is 0.64, indicating more call contracts expiring than puts.
- As predicted by analysts, Bitcoin is currently in the first phase of its halving.
The details
Bitcoin and the broader cryptocurrency market are experiencing significant volatility and price movements, with various factors influencing the market dynamics.
Around 18,000 Bitcoin options are set to expire on April 5 with a notional value of $1.23 billion.
Last week’s crypto options expiry was much larger at $15 billion.
The total market capitalization fell by 5% this week, with $150 billion leaving the space.
The put/call ratio for today’s Bitcoin options contracts is 0.64, indicating more call contracts expiring than puts.
The max pain point for today’s Bitcoin options batch is $68,000. There is $900 million in open interest at the $70,000 strike price and $840 million at the $100,000 strike price.
Around 270,000 Ethereum contracts are also set to expire with a put/call ratio of 0.38 and a max pain point of $3,400.
Total crypto market capitalization reached $2.67 trillion before reversing gains.
Bitcoin reached $69,000 but dropped back down to $66,500 during the Asian session.
Ethereum is down by 1% to $3,275. Altcoins like Toncoin, Bitcoin Cash, and Ethereum Classic saw significant gains, while Solana, Internet Computer, and Aptos saw notable losses.
As predicted by analysts, Bitcoin is currently in the first phase of its halving.
The 18% retrace in Bitcoin’s price in recent weeks was expected, similar to previous halvings.
The three phases of the Bitcoin halving are the final pre-halving retrace, re-accumulation, and parabolic uptrend.
The pre-halving bottom may already be in, with Bitcoin expected to move sideways until and after the halving.
The re-accumulation range is developing around the new all-time high area, potentially shortening the phase and causing sideways movement in the market.
Bitcoin’s price action was choppy this week, with a brief recovery to $69,000 followed by a plunge below $65,000. The drop is attributed to the US government’s sale of nearly 10,000 BTC from the Silk Road seizure, with plans for four more similar sell-offs in 2024.
Historical data suggest that markets typically move in the opposite direction of the crowd’s expectation.
Santiment’s analysis highlighted a trend where spikes in crowd interest surrounding the Silk Road correspond with market upswings.
The US government transferred a massive portion of its BTC stash earlier this week, with significant amounts sent to a wallet linked to Coinbase.
Overall, the cryptocurrency market is facing significant uncertainty and volatility, influenced by various external factors such as options expirations, market capitalization fluctuations, and government actions.
Traders and investors should closely monitor these developments to make informed decisions in the market.
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| cryptopotato.com |
|---|
| – Around 18,000 Bitcoin options are set to expire on April 5 with a notional value of $1.23 billion. – Last week’s crypto options expiry was much larger at $15 billion. – Total market capitalization fell by 5% this week with $150 billion leaving the space. – The put/call ratio for today’s Bitcoin options contracts is 0.64, indicating more call contracts expiring than puts. – The max pain point for today’s Bitcoin options batch is $68,000. – There is $900 million in open interest at the $70,000 strike price and $840 million at the $100,000 strike price. – The market appears to be in retreat at the moment. – Around 270,000 Ethereum contracts are also set to expire with a put/call ratio of 0.38 and a max pain point of $3,400. – Total crypto market capitalization reached $2.67 trillion before reversing gains. – Bitcoin reached $69,000 but dropped back down to $66,500 during the Asian session. – Ethereum is down by 1% to $3,275. – Altcoins like Toncoin, Bitcoin Cash, and Ethereum Classic saw significant gains, while Solana, Internet Computer, and Aptos saw notable losses. |
| cryptopotato.com |
|---|
| – Bitcoin (BTC) is currently in the first phase of its halving, as predicted by analysts – The 18% retrace in Bitcoin’s price in recent weeks was expected, similar to previous halvings – The three phases of the Bitcoin halving are the final pre-halving retrace, re-accumulation, and parabolic uptrend – The retrace before the halving in 2016 was 38% over four days, while in 2020 it was 20% over eight weeks – Bitcoin is approximately 13 days away from the halving and has declined around 18% in the past three weeks – The current cycle shows qualities from both the 2016 and 2020 halvings – The pre-halving retrace aims to offer a final bargain-buying opportunity and set up the next phase in the cycle – On-chain metrics suggest Bitcoin may be entering the re-accumulation phase – The resistance level for Bitcoin is at $70,000, indicating a high re-accumulation range – The pre-halving bottom may already be in, with Bitcoin expected to move sideways until and after the halving – The re-accumulation range is developing around the new all-time high area, potentially shortening the phase and causing sideways movement in the market. |
| cryptopotato.com |
|---|
| – Bitcoin’s price action was choppy this week, with a brief recovery to $69,000 followed by a plunge below $65,000. – The drop is attributed to the US government’s sale of nearly 10,000 BTC from the Silk Road seizure, with plans for four more similar sell-offs in 2024. – Historical data suggest that markets typically move in the opposite direction of the crowd’s expectation. – Santiment’s analysis highlighted a trend where spikes in crowd interest surrounding the Silk Road correspond with market upswings. – This suggests a contrarian indicator, where market movements often diverge from prevailing sentiment. – The US government transferred a massive portion of its BTC stash earlier this week. – In March 2023, the US government disposed of 9,861 BTC from a pool of roughly 50,000 seized in late 2022 related to the dark web marketplace, yielding $216 million. – Around 2,000 BTC were sent to a wallet linked to Coinbase, while the remaining portion was transferred to another government-owned wallet. – The primary wallet address connected to the US authorities currently holds 29,799 BTC worth around $1.98 billion. |
