A record $4 billion worth of Bitcoin options expire on January 29 and multiple indicators suggest bulls have the upper hand.
After correcting 15%, Bitcoin price dropped to $30,000 but derivatives indicators suggest pro traders are buying the dip.
The world’s largest asset manager appears to be getting into the bitcoin game.
The open interest on Bitcoin options has hit $8.8 billion but data show bulls are in favor after BTC’s rally to a new all-time high.
Bitcoin futures leverage is dropping steeply, indicating that traders are fearful or uncertain about the BTC price trend.
Bitcoin price quickly rallied back to $40,000 but key derivatives indicators show traders are happily flirting with overbought levels.
Bitcoin futures and options indicators remained stable during the 26.5% crash, a signal that the harshest part of the BTC correction may be over.
The total cryptocurrency market cap fell by more than $200 billion as Bitcoin price dropped to $30,229 and altcoins correctly sharply.
Traders are freaking out about today’s 27% Bitcoin price drop but historical data show sharp corrections are natural even during bull markets.
Multiple Bitcoin price metrics show traders are still bullish on BTC even after the drop below $22,000.