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Could Bitcoin Price See $75,000 By The End Of This Month? Here is the Latest Data According to Experts

source-logo  en.bitcoinsistemi.com 23 August 2024 17:48, UTC

Bitcoin price is holding resistance above the $60,000 level, supported by positive on-chain and derivatives market data that suggests growing optimism among traders.

Traders are increasingly positioning for further price gains as Bitcoin recovers, currently up more than 22% from its Aug. 5 lows of $49,500, according to data from CryptoQuant and Deribit.

On-chain analysis shows that BTC reserves on centralized exchanges have fallen to their lowest level in years. Since the end of July, the amount of BTC held on exchanges has decreased by about 3%, from 2.75 million to around 2.67 million coins. This decrease is part of a broader trend, with the BTC supply on exchanges down 11% since the beginning of the year.

Such declines in exchange reserves are often considered bullish, as fewer coins available for trading can ease selling pressure and support upward price momentum. Bitcoin’s price has benefited from these supply-side dynamics, rising by nearly 43% since the beginning of January.

SynFutures co-founder Rachel Lin also highlighted the bullish trend in the derivatives market. “The largest open interest for Bitcoin is in the $100,000 December expiration call option,” Lin said.

Deribit data supports this, showing that options traders are heavily favoring call options with strike prices of $100,000 and $105,000 for the upcoming maturities. Additionally, the most actively traded option contract in the last 24 hours was the end-of-month call option with a strike price of $75,000.

Lin also noted that the optimism extends to Ethereum, with the highest open interest being in September call options with a strike price of $4,000 and December call options with a strike price of $6,000. The distribution of open interest for both BTC and Ethereum shows a clear advantage of call options over puts, supporting the overall bullish outlook.

*This is not investment advice.

en.bitcoinsistemi.com