Key Points
- Bitcoin options worth $1 billion are set to expire as Bitcoin’s price remains above $60,000.
- Bitcoin’s Taker Buy/Sell Ratio on the OKX exchange signals a potential surge in aggressive buying.
Despite a challenging week for Bitcoin (BTC) and cryptocurrency investors due to increased volatility triggered by the escalating Israel-Iran conflict, Bitcoin’s price has managed to hold above $60,000. As of October 4, a total of 17,500 Bitcoin options are due to expire, carrying a put-call ratio of 0.75, a notional value of $1.07 billion, and a max pain point of $63,000.
Implications of the US Elections
With the US elections only six weeks away, Bitcoin is expected to experience some volatility. Greeks.live, a popular platform, has reported that all major maturity implied volatilities (IVs) are at average levels compared to the previous year. Furthermore, these IVs are expected to remain supported through the upcoming US elections, providing a favorable window for positioning in the next two weeks.
Crypto analyst Ali Martinez has reported a significant increase in Bitcoin’s Taker Buy/Sell Ratio on the OKX exchange. This increase could signal a surge in aggressive buying, indicating potential upward momentum for Bitcoin.
Despite a 6% dip on the weekly chart, Bitcoin investors are waiting for clear signals for the next price action. Quinn Thompson, the chief investment officer at Lekker Capital, has suggested that investors should take advantage of the opportunity by buying the BTC dips. He further stated that the current price of around $61,000 is a no-brainer and that the macro backdrop of the BTC price action has changed significantly compared to previous drops.
BTC Price Could Surge as Demand Remains Strong
Cryptoquant, an on-chain blockchain analytics platform, recently reported a possible short-term BTC price increase, ending the recent downward selling pressure. Behind the scenes, demand remains strong, as highlighted by the widely-watched Coinbase premium metric. This metric tracks the price difference between the BTC/USD pair on Coinbase, the largest U.S. exchange, and the BTC/USDT equivalent on Binance.
CryptoQuant contributor Yonsei_dent has explained that the moving averages of the premium’s size are closely linked to specific Bitcoin price trends. A golden cross scenario occurred last month, pushing the BTC price to $66,000.