Bitcoin’s recent price movement continues to be the subject of much discussion. While the currency struggles to reach its highs of March, which were over $73,000 and recent attempts to peak above $71,000 in the first week of this month, the current price is now below $71,000. approximately $68,231 As of the date this was written.
These retracement markings a 7.3% drop The peak of the March season is a sign that a change in weather patterns will occur. volatile period Cryptocurrency is affected by many factors.
Related Reading
BTC: Long-term holders lessen selling, what does this spell for BTC?
Glassnode is a well-known market intelligence platform. highlights a significant development in Bitcoin’s market behavior. A recent platform analysis revealed a significant decline in distribution pressure by long-term Bitcoin holders.
Glassnode’s “Long-Term Holder Binary Spending Indicator” The data shows that the selling pressure of Bitcoin long-term holders has been reduced.
When long-term investors reduce their selling pressure, the downward pressure is reduced on the price. This could potentially lead to more positive market conditions.
RektCapital is a prominent cryptocurrency analyst who has provided further insights on Bitcoin’s pricing behavior. noted On social media platform X, it was noted that Bitcoin usually faces resistance in the high range post-Halving. This suggests a long re-accumulation period.
Crypto assets are traded just below $69,000RektCapital reveals that Bitcoin could only be able to break free from its current range of re-accumulation around 160 days after the halving. significant breakout As late as September 2024. It is important to set expectations with investors for Bitcoin. next big move.
Bitcoin always rejects the Range High at the first break out attempt following the Halving.
History suggests that this Re-Accumulation will last for much longer.
Bitcoin tends to breakout from these Re-Accumulation Ranges only up to 160 days after… https://t.co/Jw7FcQui2Q pic.twitter.com/beLdOPqZOi
— Rekt Capital (@rektcapital) May 24, 2024
Coinglass reports that recent Bitcoin prices have led to significant losses among traders. data The last 24 hour’s data shows that Bitcoin traders who are long Bitcoins have liquidated about 41,68 million dollars and those who are short Bitcoins around 14 34 million.
![Bitcoin total liquidations in the past 12 hours.](https://fxruhanahmed.com/2/wp-content/uploads/2024/05/Bitcoin-Bulls-Gain-Breathing-Room-As-Long-Term-Holder-Activity-Eases.png)
The crypto market saw total liquidations of $292.07 millions during this period. This affected 78.874 traders.
Bitcoin Market: Upcoming challenges
The following is a list of Greeks.LiveThis is because the impending expiration of significant volumes of Bitcoin and Ethereum Options adds yet another level of complexity to market conditions. Options for 21,000 BTC are due to expire in the near future, with a put call ratio of 0.88, and a maxpain of $67,000. This represents a nominal value of $1.4 Billion.
Similarly 350,000 ETH option are close to expiring, their dynamic could impact the broader market because of their $1.3 Billion notional value. They also have a put call ratio of 0.58.
The May 24th Options
The expiration of 21,000 BTC Options is imminent. They have a Put-Call Ratio (PCR) of 0.88 and a Maxpain Point of $67,000. Their notional value is $1.4 billion.
350,000 ETH options are about to expire with a Put Call Ratio of 0.58, Maxpain point of $3,200 and notional value of $1.3… pic.twitter.com/rftA9kBm4q— Greeks.live (@GreeksLive) May 24, 2024
Put options are often purchased to protect against an asset price decline.
Related Reading
A call option, on the other hand, gives you the right to purchase under identical conditions. This is usually used in anticipation of an increase in price. Put Call Ratio helps to gauge the market’s sentiment. A higher ratio indicates a more bearish outlook, while a lower ratio suggests a more bullish one.
Featured image created with DALL·E, Chart from TradingView
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.newsbtc.com