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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Gets Fresh Start After Flush Of Options Open Interest

Reynaldo Marquez
Reynaldo Marquez
1 year ago
3 mins read
Picture of gold bitcoin on top a circuit board

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Bitcoin started 2022 on a different trajectory than the one expected by most traders. Moving sideways for the majority of Q4 last year, the first crypto by market cap seems proposed to more volatility in either direction.

Related Reading | Bitcoin Breaks $51k Again As 20k BTC Flows Out Of Exchanges

As of press time, Bitcoin trades at $46,803 with sideways movement in the last 24 hours. BTC’s price returned to its current levels after a rejection around the $50,000 area as 2021 came to an end.

Bitcoin BTC BTCUSD
BTC moving sideways in the 4-hour chart. Source: BTCSUD Tradingview

Data from Material Indicators shows strong support below Bitcoin’s current price as $10 million in bids order sit around $45,000 with an additional $36 million distribute between $44,000, $43,000, and $42,000. These levels could become the bulls’ final line of defense in case of further downside.

Above Bitcoin’s current price there is no significant resistance until $59,000 which records $13 million in ask orders. This doesn’t imply BTC will move straight in that direction as buyers still need to display conviction and hold the aforementioned support levels.

Bitcoin BTC BTCUSD FC
BTC price (blue line) and its support levels (in yellow below the price) in low timeframes. Source: Material Indicators

According to data from Arcane Research, the Bitcoin market for the derivatives sector has been reset, as $5.8 billion in BTC options expired on December 31st. This represents one of the largest expiry events which led to a 47.8% decline in Open Interest (OI) for this sector. Arcane Research claimed the following:

This (decline in OI) could be circumstantial, but it could also be caused by the market structure with options expiries as well as futures expiry (…)

The research firm also claimed that most of the options with far out of the money bullish strikes ended 2021 “worthless”. The options market has been a great part of the dynamics for the BTC’s price action in the last 2 years and, if history repeats, could hint at what’s next for the cryptocurrency in Q1, 2022. Arcane Research said:

The options market could potentially contribute to anchoring the BTC price. In January, February, March, April, October, and November, bitcoin saw strong returns in the first half of the expiry period and negative returns in the second period.

New Year, New Market Dynamics For Bitcoin? The Price Of Adoption

Despite the support below, Bitcoin could attempt to fill the wicked at $42,000 printed on December 3rd. Analyst Justin Bennet claimed that BTC has historically dipped into similar downside movements before resuming its bullish momentum.

Bitcoin BTC BTCUSD
Source: Justin Bennett via Twitter

Bennet believes BTC’s price action can no longer be classified as only bull v. bear market. On the contrary, the analyst thinks there are more “gray areas” due to the participation of new players and institutions.

Related Reading | Market Gets Cozy With Bitcoin Trapped? Why BTC Is Gearing Up For A Short Squeeze

John Bollinger, the creator of the Bollinger Bands indicator, seems to share a similar position on the potential changes experienced by the BTC market. Via Twitter, Bollinger said:

Some thoughts on bitcoin. You have to be careful what you wish for: Everyone wanted wide adoption, listed futures, options, ETFs, etc. Well, you got all that and more including burgeoning regulation. The rub is that these things have totally changed the character of trading.

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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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NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

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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