CRYPTOCURRENCY

 

Market Wrap: Bitcoin Hits $57K After $4.2B Options Expirations; Ether Steadies at $2.7K

The last time bitcoin traded at this level was almost two weeks ago, on 

 All derivatives market likely played a role in pushing bitcoin’s spot market price to a level not seen in almost two weeks. Meanwhile, the ether market seems to be decoupling from bitcoin, for now.

  • Bitcoin (BTC) trading around $56,996 as of 21:00 UTC (4 p.m. ET). Gaining 7.5% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $52,604-$57,219 (CoinDesk 20)
  • BTC above the 10-hour and the 50-hour moving averages on the hourly chart, a bullish signal for market technicians.
 
Bitcoin’s hourly price chart on Bitstamp since April 27.Source:TradingView

Bitcoin’s price made gains Friday. At around 17:00 UTC (12 p.m. ET), the world’s oldest cryptocurrency hit $57,219, according to CoinDesk 20 data. Bitcoin’s price Friday jumped over $4,600 within a 24-hour period, settling a bit as of press time, at $56,996. 

“One reason we may be seeing the upswing in bitcoin’s price is because of the expiration of $4.2 billion in bitcoin options contracts today,” noted Steve Ehrlich, chief executive officer at investment firm Voyager Digital. “Historically, there have been price dips in the days leading up to a bitcoin options expiry, only for it to rebound thereafter.”

For most of this week, bitcoin’s price struggled to make gains. The last time bitcoin traded at the $57,000 level was almost two weeks ago, on April 17.

 
Bitcoin’s historical price over the past month.Source:CoinDesk 20

“What we’re experiencing is likely the rebound, which further confirms the continued bullishness around bitcoin,” Ehrlich said. 

Enjoyed this article? Stay informed by joining our newsletter!

Comments

You must be logged in to post a comment.

About Author