Fun

Max pain $51K? Bitcoin options worth over $9.4B set to expire Friday

News Feed - 2024-03-28 01:03:27

Zoltan Vardai7 hours agoMax pain $51K? Bitcoin options worth over $9.4B set to expire FridayThe max pain Bitcoin price is at around $50,000 as over 134,000 BTC are set to expire on Deribit on March 29.4328 Total views30 Total sharesListen to article 0:00Markets NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksOver $9.4 billion worth of Bitcoin (BTC) options are set to expire on the Deribit cryptocurrency exchange on March 29, with some analysts suggesting that Bitcoin’s “max pain” price could be around the $50,000 range. Max pain Bitcoin price closer to $50,000


Over 134,000 BTC worth of open interest is set to expire on the Deribit exchange at 8:00 am UTC on March 29, suggesting a max pain price of $50,000, according to data shared by Unfolded in a March 27 X post.


Related:Bitcoin price reclaims $70K as Coinbase BTC supply hits 9-year low


The max pain price is the strike price with the most open Bitcoin options contracts (puts and calls), at which the given asset would cause financial losses for most option holders at expiration.BTC options: open interest by strike price. Source:Unfolded


Bitcoin could potentially see a correction to the $51,000 mark if inflows in spot Bitcoin exchange-traded funds (ETFs) slow down, according to Ki Young Ju, founder and CEO of CryptoQuant, who wrote in a March 22 X post:“New whales, mainly ETF buyers, have a $56K on-chain cost basis. Corrections typically entail a max drawdown of around 30% in bull markets, with a max pain of $51K.”Bitcoin ETF historical netflow trend chart. Source:Ki Young Ju


After five consecutive days of negative outflows last week, the U.S. spot Bitcoin ETFs saw over $15 million worth of net flows on March 25, the same day Bitcoin price recorded its highest daily close of above $69,000 in the past 10 days. The 10 Bitcoin ETFs saw a combined net inflow of $418 million on March 26.Is the pre-halving Bitcoin correction over?


Bitcoin’s pre-halving price correction occurred in line with previous historical retraces ahead of the halving, according to analyst Rekt Capital, who wrote in a March 25 X post:“The Pre-Halving Retrace occurred right on schedule. And now Bitcoin is back to $70,000.”BTC/USD, 1-week chart. Source:Rekt Capital


Bitcoin price could break out toward new all-time highs if the old all-time high of $69,000 is flipped into support, said Rekt Capital in a March 26 video analysis:“Bitcoin is now peaking beyond this old all-time high, potentially positioning itself for this pre-halving retracement to be over.”


Last week’s Bitcoin price correction suggests that the price has already formed a local bottom, or is close to doing so, according to a research note by Bitfinex analysts shared with Cointelegraph:“We believe the pullback last week for Bitcoin from its current all-time high of $73,666, and amounting to an approximate 17.5 percent correction, suggests we are close to establishing a local bottom - and indeed may have already done so.”


This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.# Bitcoin# Cryptocurrencies# Bitcoin Price# Markets# Bitcoin Halving# Bitcoin OptionsAdd reactionAdd reaction

News Feed

Venezuelan Bolivar Plunges as Central Bank Stops Intervening and Public Spending Rises
Venezuelan Bolivar Plunges as Central Bank Stops Intervening and Public Spending Rises The exchange rate of the Venezuelan bolivar, the national fiat currency of the country, has p
75% of all Bitcoin has been hodled for over 6 months
Martin Young5 hours ago75% of all Bitcoin has been hodled for over 6 monthsDespite Bitcoin dropping 21% from its all-time high, the majority of Bitcoin held in wallets hasn’t been sold or moved for the last six months.
Tom Mitchelhill7 hours agoCryptoqueen’s OneCoin legal chief pleads guilty to fraudThe former head of legal and compliance at OneCoin faces up to 10 years in prison for her role in the $4 billion crypto trading scheme.2
Reviewing El Salvador’s Bukele Predictions for 2022: What Went Wrong?
Reviewing El Salvador"s Bukele Predictions for 2022: What Went Wrong? Nayib Bukele, president of El Salvador and die-hard Bitcoin enthusiast, formulated a series of predictions abo
Biggest Movers: APE, XLM Move Close to 1-Month Highs
Biggest Movers: APE, XLM Move Close to 1-Month Highs Apecoin was up by over 13% on Tuesday, despite bearish sentiment remaining largely present in cryptocurrency markets. The token
Tom Mitchelhill3 hours agoSocialFi app Stars Arena dispels ‘coordinated FUD’ after patching ‘noob’ vulnerabilityA fault in the Stars Arena price function allowed hackers to escape with roughly $2,000; however, th
Darknet Forum Dread to Relaunch After Month-Long Downtime Due to DDOS Attack
Darknet Forum Dread to Relaunch After Month-Long Downtime Due to DDOS Attack According to web portal darkdot.com and anonymous journalist Darkdotfail, the popular darknet forum Dre
Time is Ticking for GameStop to Figure Out Its Future
| Image: ShutterstockFor all of the amazing businesses that the Internet has launched, it is also put a number of them out of business. We already know that Amazon is mowing its way
UNI Price Recovery Gains Traction – Will It Smash Through Resistance?
Este artículo también está disponible en español. Uniswap price is gaining traction as it rebounds from the $6.7 level, sparking renewed optimism among traders. After a p
Are Tron & Justin Sun Playing a Sneaky Game of 4-D Chess?
According to CNBC Africa’s Ran NeuNer, TRON CEO Justin Sun was forbidden to take part in the Warren Buffett lunch due to the ongoing trade tensions between China and the United States.
Former Bitcoin Dev Gavin Andresen Revises 2016 Blog Post, Calls Trust in Craig Wright a ‘Mistake’
Former Bitcoin Dev Gavin Andresen Revises 2016 Blog Post, Calls Trust in Craig Wright a ‘Mistake’ During the first week of Feb. 2023, the United Kingdom Court of Appeal overtur
Swiss Bank Seba Now Lets Customers Earn Yield on Crypto Holdings
Swiss Bank Seba Now Lets Customers Earn Yield on Crypto Holdings A FINMA-licensed Swiss bank, Seba, has launched a program enabling clients to earn yield on their crypto holdings.