Pearl
Bitway
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Optimism
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NEAR Protocol
Pons
- Bitcoin price reached the $105K mark amid $2.19 Billion options settled.
- BTC and ETH experienced a significant price rally and displayed bullish sentiment.
Yesterday, $2.19 Billion worth of Bitcoin (BTC) options expired, bringing to a total of 22,000 BTC options. The expired contracts had a put/call ratio of 0.94.
Furthermore, a max pain of $96,000 Bitcoin price saw an expiry-related upmove, extending the rally toward $103K. Similarly, Ethereum (ETH) options valued at $617 Million expired on the same day. The token had a put/call ratio of 0.36 and a maximum pain price of $3250.
$2.19 Billion Options Expiry Fuels Bitcoin’s Path to $105K
Notably, the options expiry occurs following a rally in the spot market, with the Bitcoin price exceeding $100,000 again. This helped to dispel the somber mood that often takes over the market at the end of the week.
Furthermore, this brought more energy to the overall cryptocurrency market. At press time, the Bitcoin price was trading at $103,289, witnessing a rise of over 1.27% in the past 24 hours. Its market cap rose to $2.04 Trillion, and its trading volume jumped by over 20% intraday.
The key question emerges when there is a solid footing beyond $100K. Will it sustain its upward trajectory before Donald Trump takes office?
With a massive OI of over $1.3 billion at a $110,000 strike price, it replicates that bulls keep a strong positioning there. That could be treated as immediate support in case of volatility in the following sessions.
Before the expiry event, crypto analyst Captain Faibik highlighted his bullish thesis in his post. Per the analyst, the BTC price has been in a strong upward trend and looks good on the daily chart.
A new ATH toward $114K may be seen in late January per the current trend. However, a chance of a short-term pullback needs to be watched for significant entry to chase the rally toward $114K.
Ethereum Options Expiry Drives Bullish Optimism in the Market
In addition to Bitcoin, Ethereum’s options market also experienced significant activity. By the end of the day, 182,000 Ethereum options totaling around $617 million had been granted.
Despite this optimism in the options market, Ethereum has failed to maintain above crucial resistance levels. This implies that the effect of the expiring options may be less pronounced than it is for Bitcoin.
As the chart above shows, the ETH price faced resistance around $3500 and failed to cross the supply region. It was trading at $3292 at press time, noting a decline of over 2.37% in the past 24 hours.
Per the daily chart analysis, Ethereum crypto forms a falling wedge pattern and faces higher-level resistance. It made a bearish engulfing candlestick yesterday, and the ETH price slipped below the $3320 support zone.
Ethereum’s performance has been somewhat lackluster compared to Bitcoin, as it stalls around the $3400 level. At the same time, the Bitcoin price kicked off the $100k barrier and outperformed the market.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
