$1.12B in Bitcoin options expire this week, and bulls appear to be at a disadvantage
Commodities rallied as the U.S. Treasury struggled with the banking crisis, but Bitcoin bulls also overplayed their hand in this week’s options expiry.
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Commodities rallied as the U.S. Treasury struggled with the banking crisis, but Bitcoin bulls also overplayed their hand in this week’s options expiry.
Bitcoin was once again trading below $28,000, as markets consolidated ahead of Friday’s non-farm payrolls report. Payrolls are expected to come in at 240,000 for last month, with the unemployment…
Bitcoin continues to face resistance near $29,000 and Ether has decided to take charge of the wider crypto markets' bullish momentum.
ETH’s price is showing strength, but network and derivatives data suggest that ETH will struggle to hold the $1,850 price level.
Regulatory uncertainty and the recent enforcement actions taken against major crypto exchanges reduces the odds of Bitcoin breaking above $30,000 in the short-term, but investors are still bullish.
The next BTC bull market will last longer than previous ones due to the latest banking crisis, according to Swan Bitcoin CEO Cory Klippsten.
Crypto’s bullish momentum may stall at the $1.2 trillion total market cap resistance, but traders' newfound caution has not translated to excessive demand for short positions.
Macroeconomic headwinds continue to pressure the crypto market, but bulls appear steadfast on holding $28,000 for support and this could provide tailwinds for altcoins.
BTC, ETH, MATIC, HBAR and EOS are likely to pick up momentum if they cross above their respective overhead resistance levels.
Signs of easing inflation could push Bitcoin and select altcoins above their respective overhead resistance levels in the short-term.