• Bitcoin (BTC) has surged past $30,000 with huge volumes and now it has formed the same level of strong support.
• The open interest for BTC options expiry on April 14 is $950 million, of which $460 million is in call (buy) options and $460 million in put (sell) options.
• Bitcoin has managed to perform against all odds, may it be the banking crisis or macro concerns.
Bitcoin Shoots to $30,800
Bitcoin (BTC) continues to inch closer to $31,000 unfazed by the current macro trends and strong bullish support. As of press time, Bitcoin (BTC) is trading 1.69% up at a price of $30,667 and a market cap of $593 billion. Furthermore, this year in 2023 so far Bitcoin has seen year-to-date gains of more than 80%.
Macro Indicators Push Bitcoin Price Higher
The world’s largest cryptocurrency has also received a push from macro indicators as the lower-than-expected U.S. Consumer Price Index (CPI). The official inflation surge for the month of March 2023 was 5%, less than the expected 5.1%. In addition to inflation, Bitcoin investors also paid close attention to the banking crisis that unfolded last month on Wall Street where Bitcoin showed great resilience and managed to pull up a rally later on.
Derivatives Data Shows Bullish Sentiment
The 50% price rally by Bitcoin in the period between March 11 and April 11 shows its very strong resilience to FUD — fear, uncertainty and doubt — while traders have also put bearish bets using Bitcoin options with an open interest for BTC options expiry on April 14 at $950 million; including both call and put options amounting to 460 million each respectively.
What’s Next For Crypto?
As euphoria surrounding bitcoin continues amongst investors they wonder what’s next for cryptocurrencies as it already surprised them with 80% gains this year alone?
Conclusion
The strength shown by bitcoin against all odds like banking crises or macro concerns show its potential for further growth despite some traders betting bearishly using bitcoin option derivatives data suggests that overall sentiment remains bullish as we move into the weekend leaving investors optimistic about future upside prospects for crypto in general but specifically for bitcoin itself!