In recent crypto developments, Bitcoin (BTC) has demonstrated resilience by holding firm above the $69,000 mark, despite the largest quarterly options expiry in its history. Technical analysis of the 30-minute chart reveals a head-and-shoulders formation, a typical trend reversal pattern, suggesting that the cryptocurrency may be on the cusp of an upward trajectory.
Moreover, the successful maintenance of Bitcoin’s value above the 200-day Exponential Moving Average (EMA) is a bullish indicator for market analysts. If BTC can surpass the neckline resistance level at $71,580, an increase of 4.44% could be on the horizon, targeting a potential price of $74,760.
This key resistance level is being watched closely by traders as a decisive breakout could confirm the end of the pre-halving retracement period. On the same accord, the market’s response to the options expiry is noteworthy, given the volume and the potential impact on Bitcoin’s price.
The culmination of options contracts, without significant negative price action, points to a strong support level established by investors. Such events are often accompanied by increased volatility, yet Bitcoin’s steadfastness highlights underlying market confidence.
Data from the cryptocurrency derivatives platform Deribit indicates an open interest in Bitcoin options, with a maximum pain price of $50,000. The max pain price is the strike price at which most options would expire worthlessly, inferring potential pressure points in the market.
Concurrently, according to data from CoinMarketCap, Bitcoin’s (BTC) intraday trading session has shown a bearish trend. The token began the session at an opening price of $70.79K and surged to a high of $71.535K, which is now acting as the day’s resistance level.
Despite this ascent, bearish pressure soon prevailed, and BTC’s value retreated to a daily low of $69.66K. Recovering from the downward pressure, BTC managed to regain some ground, stabilizing above the $70K threshold.
As of press time, Bitcoin is being traded at $70.55K, marking a slight decline of 0.87% from its opening price. Correspondingly, the market capitalization of Bitcoin witnessed a modest reduction of 0.85% for the day, settling at $1.379 trillion. The trading volume within the same period also decreased by 31.74%, amounting to $29.322 billion.
Despite these intraday fluctuations, the longer-term outlook for Bitcoin remains optimistic. Over the weekly and monthly timeframes, Bitcoin has consistently held above the $70K level, indicating a bullish sentiment in the broader market. This sustained performance suggests that Bitcoin is maintaining its upward trajectory despite short-term volatility.
