Bitcoin ETF

Bitcoin

Spot

<p data-wp-editing="1"><a href="https://bc.game/i-q0xtr0kn-n/"><img class="alignnone wp-image-129906 size-full" src="https://en.coinotag.com/wp-content/uploads/2023/10/bcgame.webp" alt="bcgame" width="350" height="250"></a></p>
<ul> 
 <li>After the volatility following false reports of a Spot Bitcoin ETF approval, the BTC price has started to consolidate above the $28,000 level.</li> 
 <li>Options market data shows increased confidence in longer-term Bitcoin price increases. Today, over 10,000 BTC block purchase options have been traded.</li> 
 <li>BTC price has displayed strong stability lately after the surge at the beginning of the week. Bitcoin has firmly held above $28,000.</li> 
</ul> 
<p><strong>Bitcoin options data provides some insights into how the price might shape up in the coming days. What’s the current state of Bitcoin’s price?</strong></p> 
<h2 id="strong-what-do-bitcoin-options-data-indicate-strong"><strong>What Do Bitcoin Options Data Indicate?</strong></h2> 
<p><img decoding="async" loading="lazy" class="alignnone size-full wp-image-126553" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1" alt="bitcoin-btc" width="696" height="392" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?w=1920&amp;quality=70&amp;ssl=1 1920w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=300%2C169&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=1024%2C576&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=768%2C432&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=1536%2C864&amp;quality=70&amp;ssl=1 1536w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=150%2C84&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=696%2C392&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?resize=1068%2C601&amp;quality=70&amp;ssl=1 1068w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/09/Bitcoin-BTC-54-1.webp?w=1392&amp;quality=70&amp;ssl=1 1392w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></p> 
<p>After the volatility following false reports of a Spot Bitcoin ETF approval, the BTC price has started to consolidate above the $28,000 level. There are concerns about macro developments on one side while optimism about the future of a Spot Bitcoin ETF exists on the other.</p> 
<p>Furthermore, Bitcoin options data indicates increased confidence in longer-term price increases. Over 10,000 BTC block purchase options have been traded today. These transactions exceed a value of nearly $300 million and represent 40% of daily options activity. The dominant strategy, as shared by GreeksLive data, includes a cross spread involving selling a BTC-3NOV23-29000-C and buying a BTC-29DEC23-34000-C.</p> 
<figure id="attachment_130001" aria-describedby="caption-attachment-130001" style="width: 100%" class="wp-caption alignnone">
 <a href="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTC-Option.webp?quality=70&amp;ssl=1"><img decoding="async" loading="lazy" class=" td-modal-image wp-image-130001 size-full" src="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTC-Option.webp?resize=696%2C485&amp;quality=70&amp;ssl=1" alt="BTC-Option" width="696" height="485" srcset="https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTC-Option.webp?w=1203&amp;quality=70&amp;ssl=1 1203w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTC-Option.webp?resize=300%2C209&amp;quality=70&amp;ssl=1 300w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTC-Option.webp?resize=1024%2C714&amp;quality=70&amp;ssl=1 1024w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTC-Option.webp?resize=768%2C536&amp;quality=70&amp;ssl=1 768w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTC-Option.webp?resize=150%2C105&amp;quality=70&amp;ssl=1 150w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTC-Option.webp?resize=696%2C485&amp;quality=70&amp;ssl=1 696w, https://i0.wp.com/en.coinotag.com/wp-content/uploads/2023/10/BTC-Option.webp?resize=1068%2C745&amp;quality=70&amp;ssl=1 1068w" sizes="(max-width: 696px) 100vw, 696px" data-recalc-dims="1"></a>
 <figcaption id="caption-attachment-130001" class="wp-caption-text">
  Bitcoin Options Data
 </figcaption>
</figure> 
<p>This spread is noteworthy because it involves short-term in-the-money (ATM) call selling using the premium received and long-term out-of-the-money (OTM) call purchasing. While it might not signify an immediate uptrend for Bitcoin in the short term, it clearly reflects an upward view of Bitcoin’s long-term expectations.</p> 
<h2 id="strong-what-will-be-the-next-steps-for-btc-price-strong"><strong>What Will Be the Next Steps for BTC Price?</strong></h2> 
<p>The BTC price has shown strong stability lately after the earlier surge this week. Bitcoin has firmly held above $28,000, and optimism around the approval of the Spot Bitcoin ETF is growing.</p> 
<p>Popular crypto analyst Michael van de Poppe noted that Bitcoin’s price is not moving strongly at the moment. He suggests that it would be better to have a consolidation period in this price range for a few days. There seems to be some liquidity that needs to be cleared on the long side for Bitcoin, and this could trigger a test in the $27,600 to $27,800 range. Key support areas are found at $27,700 and $27,300, indicating potential areas of interest for long positions.</p> 
<p>A critical support area for Bitcoin emerged, ranging from $26,700 to $26,285, and it became a battleground where bulls and bears fiercely contested. Support levels in this area marked a pivotal turning point for the short-term direction of Bitcoin.</p> 
<p>The post <a rel="nofollow" href="https://en.coinotag.com/bitcoin-price-continues-to-gain-strength-according-to-options-data/">Bitcoin Price Continues to Gain Strength According to Options Data!</a> appeared first on <a rel="nofollow" href="https://en.coinotag.com">COINOTAG NEWS</a>.</p> 
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Bitcoin Price Continues to Gain Strength According to Options Data!

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