Attention to Bitcoin Price Today: Giant Options Closed!

The crypto market has been lacking in volatility lately. Over the past two weeks, Bitcoin price has mostly hovered around $19,000. After posting just 0.4 percent daily gains, the top coin was currently trading at $19,200.

Bitcoin options expire

In one day, Bitcoin, worth about $538 million, will expire. Currently, multiple traders are bearish as sales dwarf invitations. The open position (OI) call that expires Thursday, October 21 is currently stuck at 12,272.4 BTC. Put options amounted to 15,728.8 BTC. As a result, the buy/sell ratio remained at 0.78, ie below 1. As shown below, many of the bearish bets were placed at the price levels of 19,000 and lower. Call options were made without any errors.

What does this situation mean?

Bitcoin has been trading below all daily value averages since the beginning of this month. Large, small and medium-sized investors continue to increase their HODLing. However, the price remains stagnant. According to experts, metrics such as RSI are currently neutral. This points to sluggish demand. Therefore, the price was expected to hold steady at around $19k, unless a random buying process takes place overnight. But BTC is currently below $19,000.

Therefore, according to analysts, if Bitcoin trades below $19,000, it will be very difficult for traders who bought the put option to resist using the option to sell their own money. If that happens, there will be traders in the driver’s seat with a bearish trend. In such a case, the price of the asset could drop to $18.5k in the short term, according to experts. On the upside, however, the path to $21,000 looks strong given the mid-range manias and the current market situation.

BTC drops below $19,000

At this stage, it is worth noting that Bitcoin’s spot market dominance has been on the rise recently. A recent tweet from CryptoQuant CEO Ki Young Ju highlighted that BTC spot trading volume for all exchanges has increased 20x over the past six months. Options, on the other hand, have not seen a big slop. Therefore, it seems likely that there will be no change in price.

BTC, the largest cryptocurrency by market cap, is changing hands at $18,979 at the time of writing. It fell 0.8 percent in the last 24 hours. The fact that the cryptocurrency is trading below $ 19,000 indicates the density of options for sale. As we reported, the overall cryptocurrency market followed BTC. In the last 24 hours, the overall market cap has dropped 1.4 percent.

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