Bitcoin

Strong

<ul> 
 <li>Bitcoin is currently trading above $30,000 after strong gains earlier this week.</li> 
 <li>BlackRock made a significant move with its spot Bitcoin ETF application, triggering a major excitement in the crypto market.</li> 
 <li>ARK Invest’s CEO and Chief Investment Officer, Cathie Wood, provided insights into why her firm is optimistic about Bitcoin’s price and set a target of $1 million.</li> 
</ul> 
Bitcoin aims to achieve its strongest weekly price close since March; Current option data should be closely monitored! 
<h2 id="strong-bitcoin-aims-for-a-strong-weekly-close-strong">Bitcoin Aims for a Strong Weekly Close</h2> 
The world’s largest cryptocurrency, Bitcoin (BTC), is moving towards its strongest weekly close since March, along with spot Bitcoin ETF applications from some of the world’s largest financial institutions. 
Bitcoin is currently trading above $30,000 after strong gains earlier this week. At the time of writing, BTC is trading at $30,050 with a market cap of $582 billion. 
BlackRock made a significant move with its spot Bitcoin ETF application, triggering a major excitement in the crypto market. Senior analyst at K33 Research, Lunde, said, “An approval would significantly impact Bitcoin’s market structure as it would reduce barriers for financial advisors to offer exposure to the token.” 
ARK Invest’s CEO and Chief Investment Officer, Cathie Wood, provided insights into why her firm is optimistic about Bitcoin’s price and set a target of $1 million. Wood believes that Bitcoin can perform well even in a deflationary environment due to its ability to address counterparty risk brought by the traditional financial system. 
<h2 id="strong-bitcoin-options-expiry-strong">Bitcoin Options Expiry</h2> 
Following strong SEC measures against Coinbase and Binance earlier this month, the BTC price dropped to $26,300, fueling a downward trend in the options market. According to data from Deribit, a buying ratio of 0.82 compares $415 million worth of open positions for buying options to $300 million worth of selling options. However, the actual result will be lower as traders who showed a bearish trend when Bitcoin increased by 10% in just two days were surprised. 
<a href="https://en.coinotag.com/wp-content/uploads/2023/06/Bitcoin-is-heading-towards-its-strongest-weekly-close-since-March.webp"><img decoding="async" loading="lazy" class=" td-modal-image alignnone wp-image-134118 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/06/Bitcoin-is-heading-towards-its-strongest-weekly-close-since-March.webp" alt="bitcoin-options" width="1127" height="564"></a> 
For example, if the price of Bitcoin remains around $29,800 at 8:00 AM UTC on June 23rd, there will only be $5 million worth of put options. This difference arises from the fact that if BTC is trading above that price at expiration, the right to sell Bitcoin at $28,000 or $29,000 becomes invalid. 
On the other hand, it is likely that bulls will make a profit of $250 million at today’s expiry. Depending on the BTC price range, the following possible scenarios exist: 
<ul> 
 <li>In the price range of $27,000 to $28,000, there are 3,500 call options and 1,200 put options. This provides a net advantage of $60 million for call instruments.</li> 
 <li>In the price range of $28,000 to $29,000, there are 7,300 call options and 500 put options. The net advantage for call instruments increases to $195 million.</li> 
 <li>In the price range of $29,000 to $30,000, there are 8,600 call options and only 100 put options. Bulls (buyers) have an advantage of $250 million.</li> 
 <li>Finally, for the price range of $30,000 to $31,000, there are 10,400 call options and no put options. This results in a profit of $310 million, giving bulls complete control.</li> 
</ul> 
The post <a rel="nofollow" href="https://en.coinotag.com/bitcoin-is-heading-towards-its-strongest-weekly-close-since-march/">Bitcoin is heading towards its strongest weekly close since March.</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG EN</a>.

Bitcoin is heading towards its strongest weekly close since March.

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