비트 코인 (BTC) has been ranging from $30,400 ...에 36,400 for the last 12 일, and it has been difficult to pinpoint the exact reason for investors’ lack of appetite. Some analysts have pointed to the Grayscale Bitcoin Trust (GBTC) unlocking in mid-July finally giving institutional investors a chance to offload their funds, but this is not likely to be the main reason.

그 동안에, industry leaders have suggested that the “crypto regulatory crackdown” taking shape in the United States is severely impacting investors’ sentiment, and this view is especially problematic considering China has recently banned all crypto mining activity in the country.

마지막으로, renowned Bitcoin critics, including Aswath Damodaran, professor of finance at New York University’s Stern School of Business, have claimed that the cryptocurrency “failed miserably” as a currency.

Damodaran specifically cites Bitcoin’s limited use in microtransactions, even though El Salvador is pushing forward with a plan to democratize the Lightning Network solution.

Bulls have a better chance of winning the weekly expiry

After bears had a victory in the recent quarterly $3-billion options expiry on Friday, the winds may have shifted the tide favorably to bulls this time around. 동안 $34,000 level presented a $310-million advantage for the neutral-to-bearish put options last week, this upcoming Friday, 칠월 2, holds an entirely different setup.

Aggregate July 2 Bitcoin options open interest. 출처: Bybt

The initial picture paints a neutral structure, with the neutral-to-positive call options open interest dominating by 8% as per the call-to-put ratio. Out of the $445 미결제 백만 달러, $230 million is represented by the neutral-to-bullish call options, which gives a slight advantage to bulls. 하나, looking at more granular data provides a different angle.

관련: 암호 화폐 거래자들은 마이너스 펀딩 비율이 구매 신호라고 말합니다, 그러나 그들은?

뿐 18% of the protective put options have been placed at $33,000 or higher strikes. 따라서, if Bitcoin is trading above that level at 8:00 am UTC on Friday, 뿐 $38 million worth of those neutral-to-bearish instruments will last.

$34,000 is the make-or-break level for both sides

반면에, bulls will likely try to defend the $34,000 수평, ~를 야기하는 $45 million in call (구입) options open interest.

Truth to be told, both sides have incentives to break this reasonable equilibrium at $34,000. 예를 들면, 위 $35,000, bulls’ advantage increased from $7 백만에서 $57 백만.

거꾸로, bears have the upper hand if Bitcoin trades below $33,000. 이 경우, protective put options open interest is $31 million higher than the neutral-to-bullish call options.

요약하자면, it is impossible to predict whichever side will come out stronger on Friday’s expiry. 하나, this is the first time in over four weeks that bulls have a decent fighting chance.

여기에 표현 된 견해와 의견은 전적으로 저자 그리고 반드시 Cointelegraph의 견해를 반영하지는 않습니다.. 모든 투자 및 거래에는 위험이 수반됩니다. 결정을 내릴 때 스스로 조사해야합니다.