• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
TodayinCrypto.com

TodayinCrypto.com

  • Home
  • Latest News
  • YOUTUBE RECAPS
  • CONTACT US

Bitcoin falls below $40k once more ahead of the $600 million options expiry on Friday


April 14, 2022 · By Muhammad Awwal
Bitcoin (BTC)

Bitcoin staged a brief recovery rally, but the current market sell-off appears to be far from over, with Bitcoin falling below $40,000 once again.

Bitcoin (BTC) held on to further gains on April 14, rising to 41,563 after a rebound in line with the Wall Street open on April 13.

Following the U.S. Consumer Price Index (CPI) report for March, which showed an increase of 8.5 percent, the highest since 1981, the relief rally began on April 11. Meanwhile, the CPI in the United Kingdom increased to 7%, a 30-year high.

Despite the relief bounce, some Whales have been out in force during the last few days, selling or redistributing their token in what might be interpreted as an indication of prolonged market volatility. 

The number of addresses on the network holding more than 10,000 BTC has decreased by more than 4.60 percent in the last four days, according to on-chain data. Within this brief time frame, at least four large whales have sold or reallocated their tokens.

Even though a recovery rally to nearly $42k appeared to be erasing the downward pressure, Bitcoin continued its downward trajectory. This is because these Whales addresses sold a lot of their coins, which cost leverage traders a lot of money because the total liquidations at derivatives exchanges reached $428 million. 

Despite optimistic signals like fresh Terra buy-ins over the weekend, the data explains why Bitcoin has not been booming. The selling pressure caused by Whales dumping outnumbered Terra buy-ins throughout the weekend and during the depths.

The open interest in Bitcoin options expiring on April 15 is $615 million, but the real figure will be significantly lower because bulls were overconfident after the rise to $48,000 late last month. 

Bitcoin’s recent drop below $41,000 caught bulls off guard, with only 18% of call (buy) options for April 15 being placed below that price.

The $335 million call (buy) open interest dominates the $280 million put (sell) open interest, as seen by the 1.21 call-to-put ratio. 

Only $62 million worth of call options will be available if Bitcoin’s price remains below $42,000 at 8:00 a.m. UTC on April 15. However, with Bitcoin hovering around $41,000, most bullish bets are likely to be useless.

Regardless of your stance, it’s important to remember that BTC’s price action in the future is dependent on its ability to hold above a critical psychological support level of $40,000. 

The bulls and bears of Bitcoin are currently locked in a deadlock, with the cryptocurrency trading in a narrow range between $39,500 and $41,500. This choppy price action is likely to continue until BTC is able to decisively break above the $40,000 psychological level.

Primary Sidebar

LATEST NEWS

Ripple Rides the Wave: Court Splashes SEC’s Appeal Motion

October 4, 2023

The FTX “Token of Trust”: Guilty Execs Ready to Sing in SBF’s Legal Sonata

October 3, 2023

When Tweets Cause Market Quakes: Binance Sued for Alleged Cryptocurrency Chicanery

October 3, 2023

Elon Musk Stirs Up Monetary Mania: Labels Fiat Currency a Farce!

October 3, 2023

Kenya Says ‘World-No!’ to Worldcoin Amid Privacy Concerns

October 2, 2023

  • Facebook
  • Instagram
  • Twitter

Newsletter

Footer

ABOUT US

TodayinCrypto is a financial media brand that strives to deliver breaking, accurate and daily news about digital assets to millions of investors in the crypto industry.

We are passionate about Bitcoin and are keen to share news about the people, companies and technological developments that are changing our world.

TODAY IN CRYPTO

  • When Binance Met Royal Thai Police: A $277M Crypto Scam Saga October 4, 2023
  • Ripple Rides the Wave: Court Splashes SEC’s Appeal Motion October 4, 2023
  • The FTX “Token of Trust”: Guilty Execs Ready to Sing in SBF’s Legal Sonata October 3, 2023

Search

Tags

Aave (AAVE) Aleph.im (ALEPH) Arweave (AR) Avalanche (AVAX) Benchmark Protocol (MARK) Binance Coin (BNB) Bitcoin (BTC) Bondly (BONDLY) Bridge Mutual (BMI) Cardano (ADA) Celsius Network (CEL) Chainlink (LINK) Decentraland (MANA) Dogecoin (DOGE) Elrond (EGLD) Enjin Coin (ENJ) Ethereum (ETH) Ethernity Chain (ERN) Fantom (FTM) FTX Token (FTT) Kusama (KSM) Litecoin (LTC) NFT OriginTrail (TRAC) PAID Network (PAID) PancakeSwap (CAKE) Polkadot (DOT) Polkastarter (POLS) Polygon (MATIC) SnowSwap Solana (SOL) SuperFarm (SUPER) Sushi (SUSHI) Terra (LUNA) Terra Classic (LUNC) The Graph (GRT) Theta Network (THETA) Tixl (TXL) Trustswap (SWAP) Uniswap (UNI) USD Coin (USDC) VeChain (VET) XRP (XRP) yearn.finance (YFI) Yield Optimization Platform & Protocol (YOP)

Copyright © 2023 · Today in Crypto · Terms & Privacy · Log in