Bitcoin option volume on major exchanges is rising to $8.8 billion,inform to a brand new uncomparable high.
According to analyst Willy Woo, a lot of high-net-capital investors square measure getting into the market.
Bitcoin is trending sideways after retesting the $40,000 mark last Friday and continues to point out high volatility.
What does January 29 hold for Bitcoin
The capitalization has fallen to $673 billion and Bitcoin dominance to sixty six.3%.
Will January twenty nine become D-day for Bitcoin?
Data from Deribit shows,29 January can be a seminal day for Bitcoin within the returning weeks.
However,consistent with data from Deribit, there are 94,060 bitcoins on the expiration calendar for 29 January.
This large volume shows that there’s an extraordinarily high concentration that would have a powerful impact on the BTC value. However, the positive news is that the info is optimistic. for instance, there are quite few call options at the $46,000 level and a few call options below $28,000. However, the are thought worthless as they’re outside the present value trend.
Another necessary indicator with relevance this can be delta skew, that compares the call and place options. for instance, a delta skew of 100% indicates that call options are trading at a premium and so more exorbitant than bearish options. A negative delta skew indicates that traders are bearish. Right now, the delta skew is over 20, indicating bullish investor behaviour behaviour.
According to data, the last time bearish sentiment occurred was on 10 January 2021,Bitcoin fell over 20% in value. The sharp rise in value to USD 42,000 has removed several choices.