Since yesterday, Bitcoin has tried to find a perfect point to hang over as its support level, and in the past few hours, the leading cryptocurrency has been hanging above the $7,800 levels. Similarly, Bitcoin got some positive flashes that may denote the digital currency is set for a bull run.
As revealed by research platform Skew on its Twitter page, Bitcoin Options made a crucial upward drive yesterday, with a record high value in terms of volume.
Since late February when the Bitcoin Options volume went high to around $155 million, the volume has been down as BTC continues to fail in its attempt to break $10,500 resistance in 2020.
Bitcoin options volume went down as far as below $50 million. However, the Bitcoin Options displayed tremendous result yesterday, moving close to $200 million.
All time high for bitcoin options volumes yesterday with nearly $200mln trading pic.twitter.com/dwS2hlqbnl
— skew (@skewdotcom) March 10, 2020
Value recorded by the options yesterday marked the highest volume presented by the options in history. Added to that, Bitcoin is now taking measures for another recovery.
The leading cryptocurrency is now painted green in the market. Bitcoin is now back above $8,000 level. At press time, a unit of Bitcoin is price $8,032, having added 1.68% to its value in the last 24 hours.
Analysts in the crypto space have also claimed that the pullback is only giving investors and traders buying opportunity as positive rally awaits Bitcoin coupled with the fact that Bitcoin halving is not too far from now.
2000 BTC Moved from Unknown Wallet
There has been unending sell-off in the crypto market since Saturday. Some claimed it is the source of the plunge while others said the fall kept investors devasted resulting in the decision to offload some of their holdings.
As the day broke into light today, more BTCs got transferred but the leading cryptocurrency is now a bit balanced, staying aloof the $7600 support level as BTC crosses $8,000 resistance level.
According to transactions track keeping platform Whale Alert, 2000 BTC was moved from an unknown wallet to OKEx exchange.
— Whale Alert (@whale_alert) March 10, 2020
The transfer was done in a single transaction. As at the time of transfer, the total amount of BTC moved worths $15,912,952 USD.