Bullish Bitcoin newsflow gives bulls a boost ahead of Friday’s $565M options expiry

Bullish Bitcoin newsflow gives bulls a boost ahead of Friday’s $565M options expiry 1
Bullish Bitcoin newsflow gives bulls a boost ahead of Friday’s $565M options expiry 2

Bitcoin cash bulls are being boosted by newsflow that suggests that Bakkt might have more bitcoin news than previously thought.

Bitcoin’s price has risen more than 150% during the year-to-date. But, the asset is still many times below its all-time high, set back on November 6th, 2017, when the price rose to $6,828.33 per unit. That means bulls have a lot more work to do in order to reach that record high, and Friday’s options expiration is a perfect moment to do so.

Bitcoin broke through $5000 this week, and now is trading above $5500. In recent days, a number of news events have given the Bitcoin bulls some much needed leverage. The Bitcoin price is now out of the downward trend of the past few months, and the market has become more positive.. Read more about btc expiring options and let us know what you think.Friday, the eleventh. In June, bitcoin (BTC) options expire with a total value of $565 million. This is important because the last few weeks have been a complete charade for the Bulls. In the end, the price struggled to hold the $33,000 support. However, an unexpected bullish reversal has resulted in an 18.5% rise from a low of $31,000 on June 8 to $38,491 today. This strong move saved the bulls, as any level below $34,000 would have wiped out 98% of current calls (calls).

Who saved the day?

First, MicroStrategy, a publicly traded company with more than $3.2 billion in bitcoins, took the lead on June 8 by issuing a $500 million bond, the proceeds of which will be used to buy new BTC. On the same day, El Salvador’s legislative assembly approved bitcoin as a legal currency in the country. Chairman Nayib Bukele has stated that acceptance of bitcoins will become mandatory for all businesses. In addition, the government announced that it would eventually hold $150 million of BTC in a trust fund. The flow of positive news continued on the 8th. June continued after Victory Capital, which manages $157 billion in assets, announced plans to invest in a private fund that tracks the Nasdaq Crypto Index, 62% bitcoin, 32% Ether (ETH) and 6% other altcoins.

Who will win – the bulls or the bears?

Aggregate 11. June. Bitcoin options. Source: Bybt word-image-1926 The initial picture is a bit in favor of the bears, as the ratio of calls versus puts is 0.93, although this indicator rates each option equally. However, the right to buy bitcoins at $42,000 in less than 24 hours is currently worthless, so this purchase option is trading below $40 each. Related: El Salvador’s bitcoin pump has yet to attract smart money, a report shows. The same effect applies to downside neutral put options at $30,000 or less. Holders will not benefit from taking them in the coming weeks, as these contracts have also become worthless. Therefore, analysts should focus on the $33,000 to $41,000 range to better gauge traders’ position ahead of Friday’s option expiration. The 9th. In June, bitcoin rose more than 11% to $37,100, prompting some neutral bullish calls to take a profitable position. With less than 24 hours to go until Friday’s expiration, there are 3,235 BTC contracts up for grabs, with call options worth up to $41,000, currently worth $120 million. On the other hand, downside neutral puts to $33,000 represent 3,045 BTC contracts currently valued at $113 million. That puts both sides almost even before Friday’s expiration. If bitcoin had stayed below $34,000, the bearish advantage would have been $84 million, but a series of positive events seems to have been enough to save the day. Although there is no guarantee that the price will be maintained, the incentives for both parties to exert price pressure are now at least balanced. The views and opinions expressed herein are those of the author and do not necessarily reflect those of Cointelegraph. Every investment and every stage of trading involves risk. You should do your own research before making a decision.The newsflow around Bitcoin has been bullish for a couple of weeks now, which has helped drive the price up. The recent news that Coinbase was to launch Bitcoin futures trading in January 2018 helped push the price up a bit more, after which the options expiry got everyone speculating that it could lead to a big move in the price.. Read more about ada crypto futures and let us know what you think.

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