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Why Bitcoin Bulls Might Be Ready To Breach $20,000 Into The Monthly Close

Why Bitcoin Bulls Might Be Ready To Breach $20,000 Into The Monthly Close

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Bitcoin is stuck below its 2017 all-time high and has been moving sideways with low volatility in recent days. The crypto market is preparing to close the next monthly candle in the coming days. This transaction is set to move BTC and other cryptocurrencies, but in which direction?

At the time of writing, Bitcoin (BTC) is trading at $19,000 with a gain of 0.4% and a loss of 2% over the past 24 hours and 7 days. The cryptocurrency has been one of the worst-performing investments in the top 10 by market capitalization, led by XRP (+30%) and Solana (+7%).

BTC price is moving sideways on the 4-hour chart. Source: BTCUSDT trading view

Bitcoin option expiration brings volatility to the market

The current market status quo may be unraveling as this monthly candle close coincides with the expiration of options contracts above 100,000 BTC. This event often brings volatility to the market as major players try to move the price closer to their strike price.

Data from Coinglass shows that there is more than $5 billion in open interest in Bitcoin options, as major players unload and reposition their positions, the cryptocurrency is likely to see more activity. According to the team behind crypto derivatives data review platform KingFisher, the more likely scenario is to the upside.

In the short term, once the monthly close and option expiration begins, the price of Bitcoin could quickly turn towards $20,000. Volatility may be fueled by a spike in short positions that opened as BTC went sideways to its current level.

If the bulls can lift Bitcoin and eliminate these short positions, the price action could be more drastic and fuel a longer relief rally. The team behind King Fisher commented:

What a Green Monthly Close Could Mean for Bitcoin

Additional information information The team behind Material Indicators claims that Bitcoin has two critical resistance levels if the bulls get a green spot above $20,000. These levels are around $20,100 and $39,000.

While Bitcoin is unlikely to reach the latter level, given the current macroeconomic conditions, the cryptocurrency may regain its high of $20,000. In support of this thesis, Material Indicators noted an increase in activity among investors who placed $100,000 buy orders and investors who received $10,000 buy orders.

Action by these investors was able to “even out the week’s selling pressure with $117 million in market buying.” If this buying pressure continues, the crypto market may see some green after a two-week losing trend.

Bitcoin BTC BTCUSDT Chart 3
Investors with buy orders from $10,000 to $100,000 (red and purple on the chart) add buying pressure in the short term. Source: Material Indicators

However, the medium term still indicates more pain according to the material indicators:

There are short-term signs of a potential pump, but a break above the key moving averages suggests that the broader trend will continue to the downside. Resist the urge to oversell or FOMO.

Source: NewsBTC.com



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