The broad-market proxy CoinDesk Market Index (CMI) was up 3.8% over the past 24 hours.
, when some $4.8 billion worth of BTC and ETH options will expire on key derivatives exchange Deribit.
Institutional crypto exchange FalconX noted Wednesday in a market report that open interest on Deribit shows that most of the outstanding contracts are in the $27,000 level for BTC, almost evenly split between calls and puts , according to data from Amberdata. ‘This even split indicates that option traders don’t have a clear opinion about where the price will go in the short term,” David Lawant, head of research at institutional crypto exchange FalconX, wrote Wednesday in a market report.
BTC is still ranging between $25,000 and $31,000, and it might be headed to the upper bound after testing the lower threshold earlier this month, Julius de Kempenaer, senior technical analyst at“My baseline scenario is bitcoin to move higher and eventually move past that $31,000-$32,000 barrier,” Kampenaer said. But it has to happen in the next 6-8 weeks, he added, otherwise the level could put a lid on BTC’s price for a longer time.
In case BTC breaks decisively below the $25,000, it could fall to the next support level at $17,000-$18,000, he added.
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