The crypto world, particularly the Bitcoin market, experienced a significant event. Despite the expiration of the three-month Bitcoin futures and options contracts, Bitcoin remained above the $69,000 level. The impact of this event on the market and expectations for the future continue to be a topic of interest.
Expiration of Bitcoin Futures and Options
Hao Yang, the head of the futures market at the Bybit exchange, noted that the expiration of these major options contracts could affect hedging positions and have a minimal impact on price movement in the short term. It was revealed that $15.1 billion worth of crypto futures and options contracts, of which $9.53 billion were Bitcoin options, expired on March 29th. While the expiration of the options could increase volatility, it was emphasized that the maximum pain price had a limited effect on Bitcoin’s long-term price potential.
Bitcoin Price and Future Expectations
The price of Bitcoin experienced a 0.7% decrease, trading at $70,247, over a 24-hour period. An 11.9% increase was recorded on a monthly basis. Previous retracements before historic highs show parallels with past patterns. Analysts are making comments that if the support level of $69,000, which was the previous all-time high, is reconverted, the current pre-decline correction could come to an end.
Overall, market experts and analysts are not expecting a significant impact on the price following the expiration of Bitcoin futures and options. Investors and market observers continue to look for clues about future price movements in addition to new contracts and preferred strikes.
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