• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Bitcoin
Sensei Inu Logo

Short-Term Bitcoin Rally Loses Steam, Uncertainty To Dominate Price Action?

Reynaldo Marquez by Reynaldo Marquez
9 months ago
in Bitcoin
Reading Time: 2 mins read

Bitcoin (BTC) is back to its range after a failed attempt to reclaim previously lost territory, with a likelihood of seeing further losses. The crypto market has seen a weak price action in 2023, but BTC has been notably more fragile than other digital assets. 

Related Reading: Research Firm Issues Warning For Bitcoin And ETH Investors Over DCG Situation

As of this writing, Bitcoin trades at $16,800 with sideways movement in the last 24 hours. In the previous seven days, BTC records 1% in profits. Over the same period, Ethereum (ETH), Cardano (ADA), Litecoin (LTC), and others have seen gains north of 6% and 12%.

Bitcoin BTC BTCUSDT Chart 1
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview

Bitcoin Investors Hedge Their Positions?

As price stalls in the Bitcoin spot market, the derivatives sector might provide more clues about price expectations. According to a recent report from crypto exchange Deribit, expectations of a spike in Volatility due to the New Year decreased. 

The report claims that market participants have been “hesitant” to jump into the current price action due to ambiguity around macroeconomic conditions. In addition, the crisis between Gemini and the Digital Currency Group (DCG) has added fuel to this sentiment. 

The DCG owns crypto lender Genesis, which owes Gemini Earn customers billions of dollars. If the first of these companies decides to liquidate one of their products to pay off their debt, the price of Bitcoin and other cryptocurrencies will likely trend to the downside. Deribit noted:

The Option market is dismissing material directional reaction to the Gemini-DCG deadline, and the relatively flat Skew across Terms is not signaling strong bias.

Implied Volatility, a measure of the market’s expectation around price movement, has declined. The option sector has been selling off under the current environment; the report notes some buying action around put (bearish) contracts for February and March. 

These contracts could be part of a hedging strategy from prominent players with Bitcoin spot positions. If the situation around DCG and Gemini resolves favorably, the market will likely trend higher. 

Related Reading: Ethereum Surges 4% As Whales Show Elevated Activity

Additional data provided by Deribit reflects the current state of the market, which is dominated by no clear direction. As seen in the chart below, there is a lot of Open Interest, predominantly call option, around $17,000. 

Bitcoin BTC BTCUSDT Chart 2 Options
Options set to expire on January 27 with a lot of open interest at $17,000. Source: Deribit

This data suggests that market participants expect sideways price action going into the January 27 expiry. As mentioned, the DCG/Gemini situation and macroeconomic developments could shift this situation. 

Tags: bitcoinbtcBTCUSDT
Tweet123Share196ShareSend
Reynaldo Marquez

Reynaldo Marquez

As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

Related Posts

Bitcoin and Ethereum

Will Ethereum Flip Bitcoin? Crypto Analyst Explains How

17 hours ago
Bitcoin BTC price October

Bitcoin News: Analysts Reveal Forecasts For October As BTC Price Pushes Past $28,000

1 day ago
Bitcoin price

Bitcoin Price Skyrockets Past $28,000, Here’s Why

1 day ago
Bitcoin

Crypto Analyst Tips Bitcoin (BTC) To Reach $40,000 In Q4 2023

2 days ago
Why Is Bitcoin Price Up Today

Why Is Bitcoin Price Up Today? Insights From Leading Analysts

4 days ago
Bitcoin vs bonds

Bonds Out, Bitcoin In? Bloomberg Analyst Predicts Major Portfolio Shifts

5 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Traders Union Analysts Provide In-Depth ActiveTrades Review

    21 mins ago
  • Sportsbet.io Secures New Influencers for Ongoing Campaign

    36 mins ago
  • Meme Coins Won’t Make You Rich, But This Might

    3 hours ago
  • Everlodge, THORChain, and The Graph: Crypto Experts Predict...

    3 hours ago
  • Tradecurve Markets Set to Skyrocket 4,000% as Cosmos Hits...

    3 hours ago

About Us

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.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.