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