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CME Bitcoin Options - Total Open Interest. Source: Skew | The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.
According to Skew, open interest in BTC options contracts has been increasing since the beginning of April with Deribit holding the majority of the market share. The total BTC options open interest is currently $623 million.
Open interest has been increasing in regulated Bitcoin options as well, with Chicago Mercantile Exchange (CME), Bakkt and LedgerX all showing increased open interest in their Bitcoin options. For example, the CME is currently seeing $11 million in open interest for options contracts, more than double the $5.1 million figure at the start of April.
BTC/USD 4-hour chart price chart by Tradingview
Consequently, with a rebound in the stock market and the price of oil, Bitcoin soared to highs above the critical $7,000 level. At the time of writing, BTC/USD has a market value of $7,123. It is trading above the moving averages in the 4-hour range. Whereby, the 50 SMA is in line to provide support at $7,004 and the 100 SMA at $7,030 in case a reversal comes into play.
- Bitcoin remained well bid and it started a fresh increase above $7,000 against the US Dollar.
- The bears failed to push the price below the $6,750-$6,800 support zone.
- There was a break above a major bearish trend line with resistance near $7,035 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to accelerate towards the $8,000 level if it successfully clears the $7,280-$7,300 hurdle.
The Bitcoin price is trading in a range between $7,175 and $6,650 and has been doing so since April 3.
Throughout this period, the price has deviated twice above the resistance of the range, both of which were followed by a sharp drop. This is a bearish sign that suggests that the price will head lower.
As for the levels that are expected to provide resistance, the first one is found at $7,085, which is the 0.618 Fib level of the entire downward move. The stronger resistance level is found at $7,175, since it coincides with the resistance level of the range.
After showing signs of weakness early this week, Bitcoin managed to mount a comeback on Wednesday, rallying 6% to $7,150 within the space of a few hours. It was a rally that liquidated over $10 million worth of short positions, with bulls retaking the ever-important $7,000 level with force.
Fortunately, a confluence of fundamental and technical factors indicates that BTC is preparing to embark on yet another leg higher. There isn’t a consensus as to where that leg will end, but many are eyeing a Bitcoin price of $9,000-10,000, all within the next few weeks.
BTC/USD 1-day chart of Bitcoin on Trading View
A symmetrical triangle indicates a 50 percent chance for both a bullish or bearish breakout, and since 2nd April, Bitcoin has been consolidating between $6600 and $7400.
In the case of a bullish breakout over the next week, the asset should re-test resistance at $7562, however, due to lack of significant bullish momentum, Bitcoin may not maintain a position above the range. On the other hand, another period of correction should see Bitcoin drop down to support at $6584.
Following the massive crash of OIL which went into negative numbers on its Futures market, Bitcoin saw a 4% price decrease on April 20. Yesterday the volatility dropped significantly as there was a lot of uncertainty about Bitcoin’s next move. The bulls were able to hold daily support again and have now formed a clear daily equilibrium which is favoring the bulls.
During the last few days, people witnessed history when the price of crude oil dropped below zero to -$40 per barrel, and as time passes many analysts think the worst is yet to come. After West Texas Intermediate (WTI) oil-based contracts dried up for May, contracts for June collapsed by 45%. Experts say that the continued sell-off shows the oil problems are not going away and the severe issues could ultimately destroy the U.S. dollar. Since 1944, the USD has been propped up by the petro-dollar scheme and with oil prices below zero, the dollar could easily collapse.
- Ripple price is showing positive signs above the $0.1850 pivot level against the US dollar.
- The bulls are still struggling to gain strength above the $0.1900 and $0.1920 levels.
- There is a connecting bullish trend line forming with support near $0.1850 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair is likely to continue higher towards $0.1950 as long as it is above $0.1850.
For much of that time, all that was known about the social network’s ambitions for the cryptocurrency space was rumor and conjecture. The full scope of the project, unveiled in June 2019, exceeded most of this speculation – including the revelation that Facebook aimed to decentralize control of its creation, starting by handing it over to a governing council. But the Libra Association’s actions since have mostly been to scale back its hopes and try to address a largely hostile reaction to the project among the world’s governments.
The central bank of the Netherlands has seen the future, and it doesn’t include a predominance of fiat. Instead, De Nederlandsche Bank (DNB) sees digital currency as the legitimate next step in the evolution of monetary systems, and believes that central bank digital currencies (CBDC) are almost definitely going to become a major component of finance. Per the country’s central bank, “Cash is no longer king.”
Zoom video meeting. Image by: Zoom
The popular communications company announced the integration of SmartSessions earlier today. The latter utilizes SmartLink technology and will enable business owners to combine their Zoom services registration and payment management. They will have the option to activate built-in self-managed referral campaigns.
To achieve this, users can add a paywall to their self-managed Zoom video calls. This would ultimately simplify and facilitate the process of generating revenue from viewers accessing their live-streamed video calls. No coding skills are required to set it up, the announcement explained.
- A new study from UC Berkley researchers contradicts previous reports of Tether used to manipulate Bitcoin prices.
- The new research finds no evidence of stablecoin issuance driving up prices.
- The report suggests market participants are buying stablecoins to escape volatility, or to arbitrage between issuers and secondary markets.
Similar to the internet, which was at one point underrated in the early 1990s, it can be difficult to accurately predict the impact that blockchain technology will have on businesses in the coming decade. Regardless of the regulatory uncertainty, a handful of businesses are working relentlessly behind the scenes – building applications or streamlining an existing process in a bid to discover a use-case that derives value from a distributed ledger technology.