Bulls or bears? Both have a fair chance in Friday's Bitcoin Options expiry
BTC bulls aim for $235m profit from BTC options expiry July 22nd, but move falling below $22,000 could void this plan.
Market analysis
Bitcoin (BTC) briefly surged above $24,000 on July 20, but the excitement lasted less than two hours after the resistance level proved more difficult than expected. On the plus side, the $24,280 high represents a 28.5% increase from the July 13 low of $18,900.
According to Yahoo Finance, on July 19, Bank of America released its latest fund manager survey, and the headline was "I'm so bearish, I'm bullish." The report cites investor pessimism, with expectations of weak corporate earnings and equity allocations at their lowest since September 2008.
The 4.6% advance in the tech-heavy Nasdaq Composite Index between July 18 and July 20 also provided much-needed hope for bulls to take advantage of the July 22 weekly options expiry at come.
Global macroeconomic tensions eased on July 20 after Russian President Vladimir Putin confirmed his intention to restore the flow of the Nord Stream gas pipeline after the current maintenance period. However, over the past few months, data shows that Germany has reduced its reliance on Russian gas from 55% to 35% of its demand.
The bears placed their bets at $21,000 or lessOpen interest for the July 22 options expiration is $540 million, but the actual figure will be lower as the bears were taken by surprise. These traders weren't expecting a 23% upside from July 13 to July 20 because their bets were targeting $22,000 and below.
Bitcoin options accrue open interest for the 22nd of July. Source: CoinGlassThe call-to-put ratio of 1.09 shows the balance between the $280...
BTC bulls aim for $235m profit from BTC options expiry July 22nd, but move falling below $22,000 could void this plan.
Market analysis
Bitcoin (BTC) briefly surged above $24,000 on July 20, but the excitement lasted less than two hours after the resistance level proved more difficult than expected. On the plus side, the $24,280 high represents a 28.5% increase from the July 13 low of $18,900.
According to Yahoo Finance, on July 19, Bank of America released its latest fund manager survey, and the headline was "I'm so bearish, I'm bullish." The report cites investor pessimism, with expectations of weak corporate earnings and equity allocations at their lowest since September 2008.
The 4.6% advance in the tech-heavy Nasdaq Composite Index between July 18 and July 20 also provided much-needed hope for bulls to take advantage of the July 22 weekly options expiry at come.
Global macroeconomic tensions eased on July 20 after Russian President Vladimir Putin confirmed his intention to restore the flow of the Nord Stream gas pipeline after the current maintenance period. However, over the past few months, data shows that Germany has reduced its reliance on Russian gas from 55% to 35% of its demand.
The bears placed their bets at $21,000 or lessOpen interest for the July 22 options expiration is $540 million, but the actual figure will be lower as the bears were taken by surprise. These traders weren't expecting a 23% upside from July 13 to July 20 because their bets were targeting $22,000 and below.
Bitcoin options accrue open interest for the 22nd of July. Source: CoinGlassThe call-to-put ratio of 1.09 shows the balance between the $280...
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