Likewise, calls at strikes of $60,000 and $64,000 signal an expected ceiling from the sellers of those contracts.Īs ever with such a volatile asset, there are also technical patterns that suggest reasons for circumspection. A significant number of puts at strikes of $48,000 to $50,000 suggest the sellers of those contracts see that as a base. Open-interest data for options expiring at year-end suggest investors see a Bitcoin floor around $48,000 and a ceiling at roughly $64,000. As a result, Bitcoin bulls might take confidence from the latest pattern.
The same phenomenon was apparent in September, kick-starting a surge to a record high. 26 low - the day when the virus variant first caused market turbulence.Ī drop below $50,000 would “definitely imply bearishness” but “for now we’re still in bull market territory,” said Vijay Ayyar, head of Asia Pacific with crypto exchange Luno in Singapore.Īn area defined by Bitcoin’s 100-day moving average and the Ichimoku cloud - a popular study in technical analysis - acted as a support for the token during its recent swoons. The asset is so far anchored by support prices that define shifts in momentum, a signal of strength for crypto bulls. The drop came as global markets were roiled by concerns about the efficacy of current vaccines and the time needed for new shots. The token fell as much as 4.1% Tuesday and was at about $56,350 as of 7:47 a.m. Bitcoin, the largest cryptocurrency, is holding above key technical levels amid more volatility induced by the omicron virus strain.
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