Market Wrap: Bitcoin Claws Back to $36.4K While 25% of Ether Options Will Expire in March

Bitcoin is making gains, though much of the day saw the cryptocurrency in a holding pattern. Nel frattempo, a quarter of ether options are expiring in March, meaning traders are making some bets on the first fiscal quarter of 2021.

  • Bitcoin (BTC) commercio in giro $36,286 come di 21:00 UTC (4 p.m. E). Guadagnando 5.5% rispetto al precedente 24 ore.
  • Gamma di 24 ore di Bitcoin: $32,463-$36,552 (CoinDesk 20)
  • BTC above the 10-hour and 50-hour moving averages on the hourly chart, un segnale rialzista per i tecnici di mercato.

Trading di bitcoin su Bitstamp da gennaio. 10.
fonte: TradingView

Bitcoin was able to recover from a drop in price Wednesday. After going as low as $32,463 in giro 01:00 UTC (8 p.m. ET Tuesday), it was able to stay in a $34,500-$35,000 range before breaking out to $36,464 before settling at $36,286 al momento della stampa.

Leggi di più: Gli analisti sono cupi riguardo alle previsioni sui prezzi a breve termine di Bitcoin in questo momento

Despite the past few hours of price gains, analysts refer to a day of little price action as a “sideways” or “flat” market. It’s not clear after so much excitement for the world’s oldest cryptocurrency in the first few days of 2021 what might happen next for the price, according to Misha Alefirenko, fondatore del crypto market maker VelvetFormula.

“I have no clear view at the moment,” Alefirenko told CoinDesk. “Looks like big guys stepped away to wait and see. The market has to find its own balance.”

Bitcoin spot volumes were clearly taking a breather after Monday’s record-high daily zenith of $13.5 billion for the eight exchanges tracked by the CoinDesk 20. For Wednesday, the tally was at $4 miliardi al momento della stampa, closer to the past month’s $3.8 billion daily spot average.

Daily BTC/USD volumes on major exchanges the past month.
(Shuai Hao / CoinDesk Research)
fonte: CryptoCompare

però, Constantin Kogan, partner della società di investimenti in criptovaluta Wave Financial, has a bearish view of the bitcoin market. “We may go even lower to $23,000,” Kogan said. Because “buy the dip” is a strategy deployed in the crypto market if digital assets start dumping, prices may eventually find their near-term bottom. “There is a zone from which they (traders) will start to actively buy back,” Kogan added.

Leggi di più: Ex-Ripple CTO Can’t Remember Password to Access $240M in Bitcoin

Another chart to note as bitcoin’s price has lifted over 23% so far this year is that of the dollar index (DXY), a measure of the greenback’s strength versus a basket of other fiat currencies. This time last year, the DXY index price was over 97. So far in 2021, it’s struggling to stay above 90.

The US Dollar index 4-hour chart the past year.
fonte: TradingView

Wave Financial’s Kogan also noted there has been a closer, albeit opposite, relationship between United States duckets and bitcoin of late. “The decline in bitcoin Monday occurred simultaneously with the strengthening of the dollar index," Egli ha detto. “As a result, the two largest currencies – digital and traditional – once again showed an inverse correlation.”

Ether options expirations piling up in March

La seconda più grande criptovaluta per capitalizzazione di mercato, etere (ETH), was up Wednesday, commercio in giro $1,110 e arrampicata 2.5% in 24 ore a partire da 21:00 UTC (4:00 p.m. E).

The amount of open interest in ether options is heavily favoring the March 21 expiration. That is where 25% of current options open interest are to be found, according to data from aggregator Skew.

Ether options open interest by expiration date.
fonte: Storto

“Mostly it’s rolling,” said Vishal Shah, founder of derivatives exchange Alpha5, referring to a strategy where traders “roll up” to a higher strike price. And while most strikes are favoring a sub-$800 spot price, the majority of the trades for Wednesday were calls (62%) versus puts (39%).

Current-day option flow orientations.
fonte: Storto

Shah told CoinDesk the March 21 expiration date pile-up correlates nicely with the end of the fiscal quarter and may explain why it’s taking the lion’s share of ether options open interest. “Quarterly expirations are typically larger than monthly, and March is now the nearest quarterly expiry," Egli ha detto.

Altri mercati

Risorse digitali su CoinDesk 20 are all green Wednesday. Vincitori notevoli a partire da 21:00 UTC (4:00 p.m. E):

Leggi di più: Gettoni multipli Guarda il rally nell'incombente "stagione alternativa"

Materie prime:

  • Il petrolio era in calo 0.75%. Prezzo al barile di greggio West Texas Intermediate: $52.86.
  • L'oro era in rosso 0.35% e a $1,848 al momento della stampa.

Treasurys:

  • I 10 anni degli Stati Uniti. Treasury bond yield fell Wednesday dipping to 1.090 e in rosso 3.3%.

Il CoinDesk 20: Le risorse che contano di più per il mercato
fonte: https://www.coindesk.com/coindesk20
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fonte: Coindesk

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