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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Dawn For Bitcoin: $5 Billion In Options Expire And Could Push Price Towards $31,000

Reynaldo Marquez
Reynaldo Marquez
1 year ago
2 mins read
Bitcoin BTC BTCUSDT

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Still recording some green on small timeframes, the price of Bitcoin has remained above $30,400. Despite the recent selling pressure across the sector, the support around this level held, providing bulls a chance to fight back.

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As of this writing, Bitcoin trades at $30,458 with sideways movement in the last 24 hours. The previous week, the number one crypto by market cap recorded similar price action while other cryptocurrencies experienced losses.

Bitcoin BTC BTCUSDT
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT Tradingview

Bitcoin About To Explode?

Data from crypto options platform Deribit, shared by analyst Tom Dunleavy, shows that over $7 billion in these contracts will expire today, Friday 29th. In other words, today, option holders can exercise their right or obligation to buy/sell BTC and other assets at a specific price, depending on their contract.

Over $5 billion of the options contracts are based on Bitcoin, while the rest are based on Ethereum, as seen in the chart below. However, option holders could choose to “roll over” their contracts to a later date.

Bitcoin BTC BTCUSDT Chart 2
BTC options’ Max Pain price stands at $26,500. Source: Deribit via Tom Dunleavy

As a result, according to Dunleavy, spot prices could see a spike in buying pressure as major option players hedge their positions. This increased buying pressure could see BTC soaring above the $31,000 mark.

Via Twitter, the analyst stated:

Big options expiration date for both ETH and BTC tomorrow ETH: ~$2B notional BTC: ~$5B notional If these are rolled into more calls we should see spot buying from dealers to hedge their books; puts opposite story. Either way expect some vol (volatility).

As Dunleavy claims, the crypto market is poised for volatility, whichever direction. The chart above shows the Max Pain price for BTC options, which is $26,500.

Max Pain is the price Bitcoin must trade to deny most options traders from booking profits. In that sense, the BTC price will likely turn to the downside with a spike in volatility.

Beyond $31,000, What’s Next For BTC?

Analysis and crypto education firm Blofin recently posted a report on BTC’s short- and long-term risks and scenarios. The firm claims the recent rally was driven by a “hunger for positive news” and a “rebalancing” of internal liquidity.

In other words, crypto investors got bullish and took money from altcoins into BTC. However, there is still a liquidity issue within the sector that could limit any rally, but there is a silver lining in this scenario.

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Cardano Shows Signs of Recovery: When Will it Reach $0.30?

2 years ago

Blofin stated:

The decline in the price of BTC will be more limited, with a relatively small probability of falling below $28k, while the upward space is relatively large, and there is even hope for a rebound to $35k and above.

Cover image from Unsplash, chart from Tradingview

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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