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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/significant-developments-in-bitcoins-market-performance/" data-wpel-link="internal">Significant Developments in Bitcoin’s Market Performance</a> 
<a href="https://coin-turk.com/cok-beklenen-facebookun-kripto-parasi-libranin-tarihi-belli-oldu" data-wpel-link="internal">Cryptocurrency</a> markets continue to see notable developments led by <a href="https://coin-turk.com/dunyaca-unlu-analistten-carpici-bitcoin-yorumu-yeni-donem-resmen-basladi" data-wpel-link="internal">Bitcoin</a>. Despite experiencing the market’s largest quarterly <a href="https://en.coin-turk.com/can-you-buy-bitcoin-with-a-credit-card/" data-wpel-link="internal">Bitcoin</a> futures options expiry event, the price of Bitcoin remained above the $69,000 level. What can we expect in the coming period? We examine this with significant data and expert commentary. 
<h2 class="p1" style="text-align: justify" id="notable-development-for-bitcoin">Notable Development for Bitcoin</h2> 
Regarding this recent event in the Bitcoin sector, Hao Yang, the global head of futures markets at Bybit exchange, shared the following comments: 
<blockquote> 
 “Bybit and Deribit also experienced the largest options expiry event in history, where people could reverse or settle their hedging positions during the expiry period, and the settlement action could have a minor impact on price movement in the very short term.” 
</blockquote> 
According to a post published by Deribit on March 28, over $15.1 billion worth of cryptocurrency futures options expired on March 29. Of this amount, $9.53 billion represented the nominal value of expired Bitcoin options, with a 0.84 put/call ratio and a potential maximum pain price of $51,000. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-334979 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-options.jpg" alt="" width="2400" height="1200"> 
Yang explained that while the expiry of options could lead to increased volatility, the maximum pain price point does not accurately reflect the long-term price potential of Bitcoin, which is still tied to its fundamental values: 
<blockquote> 
 “Just as the fancy casing of a gaming computer does not directly affect the performance of the hardware inside, maximum pain provides some insight but ultimately has limited impact on the real price movement of Bitcoin.” 
</blockquote> 
Andrey Stoychev, project manager at Nexo’s Prime Brokerage division, stated that despite the expiry period, the price impact remained minimal and added: 
<blockquote> 
 “In the current scenario where calls are largely in the money and puts are nearing zero, delta hedging has largely concluded, and we expect minimal price impact from the expiry. However, the key question remains; will the call ratio be reinvested into new contracts, and if so, which strikes and maturities will be preferred?” 
</blockquote> 
<h2 class="p1" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
According to Tradingview data, the price of Bitcoin fell by 0.7% in the past 24 hours until 10:35, trading at the level of $70,247. The world’s first cryptocurrency showed an increase of over 11.9% on the monthly chart. 
Bitcoin’s historical pre-correction pullback occurred in parallel with previous historical pullbacks. In a video analysis dated March 26, Rekt Capital mentioned that if Bitcoin’s price could turn its all-time high of $69,000 into support, the current pre-correction pullback could come to an end: 
<blockquote> 
 “Bitcoin is now peaking beyond this old all-time high level and potentially positioning itself to end this pre-correction pullback.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-334978 size-full" src="https://coin-turk.com/wp-content/uploads/2024/03/btc-grafik-2.png" alt="" width="2300" height="1064"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/significant-developments-in-bitcoins-market-performance/" data-wpel-link="internal">Significant Developments in Bitcoin’s Market Performance</a></h5>

Significant Developments in Bitcoin’s Market Performance

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