Investors and traders in the crypto ecosystem are curious about when Bitcoin value would return to 5-digit numbers and become profitable again as a number of value changing events like halving line up for the leading cryptocurrency.
Another happening capable of affecting Bitcoin is around the corner, much closer that the anticipated halving. In the next two Fridays, a crucial thing would be happening to Bitcoin. The number of outstanding Bitcoin options will be slashed starting from tomorrow.
As revealed by research platform Skew, circa 2/3 of the total outstanding Bitcoin options that are available will expire, leaving around 1/3.
As captioned in a graph, Skew noted that there are 60 Bitcoin options, and this Friday 20 March, 2020, 18.2 of the option will expire, and 46 would perish on March 27, the second Friday from now.
On Friday, March 20, we will have the first quarterly expiry for equity global market in 2020. The quarterly expiry would also involve Bitcoin. It would drop off some positions that have the capacity of changing the market dynamics.
Skew further analyzed that with the rapid sell-off in the market, most outstanding Bitcoin options are positioned with greater strikes.
“There isn’t as much optionality around the current bitcoin spot level potentially momentarily reducing options trading activity related to the March expiries,” Skew revealed.
Bitcoin Forming Accumulation Pattern But Gold Is Forming Double Bottom – Willy Woo
Bitcoin evangelist Willy Woo has said the present fall in Bitcoin value can only be likened to an accumulation pattern that would witness recovery soon.
Willy Woo, contrarily, described Gold’s behavior in the ongoing economic meltdown as a one that displays double bottom pattern.
He said the two assets, in the last 3 days, have been trying de-couple from the SP500.
Trader Willy said Bitcoin would be confirming its decoupling from the traditional markets with the next key events, saying the digital asset will go bullish soon.
Gold and BTC hinting at a de-coupling from the SP500 starting 3 days ago. Gold may be forming a double bottom, while BTC maybe forming an accumulation pattern. pic.twitter.com/BTNROmZYtC
— Willy Woo (@woonomic) March 19, 2020