Crypto News – Following the FOMC meeting, the US Fed’s announcement of three rate cuts in 2024 drove a sharp increase in Bitcoin (BTC) to $43,000 levels.
A Correlation Between Bitcoin Options Expiry Data And BTC Price Growth
According to the data, protective options trading has increased noticeably in the wake of the recent decline in the cryptocurrency market, with Bitcoin falling to $40,000. Put options are examples of protective options that function as a hedge against future price drops. A more pessimistic outlook in the Bitcoin options market is suggested by the put-call ratio for BTC being greater than 1.
The focus of the options market is still on Bitcoin (BTC) in spite of the general market decline, as many options are about to expire. The market does not expect large price movements in the foreseeable future, as evidenced by the Implied Volatility (IV), which has been comparatively consistent for almost a month.
Ethereum and Bitcoin See Sudden Surges
After the FOMC meeting ended on Wednesday, there were significant inflows into both Bitcoin and Ethereum in less than a day. These inflows totaled $20 billion, according to well-known cryptocurrency expert Ali Martinez. The price of bitcoin increased from $18,000 to $65,000 at the previous time such large inflows occurred in December 2020.
In the immediate term, Bitcoin’s (BTC) price is oscillating within the range of $39,575 and $44,800. Both bullish attempts to breach the upper limit and bearish efforts to pull it down to the support level have encountered resistance.
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