Fallen Star
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Range bound. Yesterday’s relief rally gradually lost steam as the price of Bitcoin failed to clear the $35k resistance level, triggering another round of decline back to the same old early June range. The climb up above $30k might have restored some faith among market participants; the broader market is still very much shrouded in uncertainty. Perhaps, the $2.3 billion worth of BTC options expiring this Friday could offer some clarity, as historical data suggest that the options market tends to influence spot prices ahead of contract expiration on Fridays. The current put/call ratio sits at around 0.75, though tons of out-of-the-money calls are set to expire worthlessly and in-the-money puts dominate with an overwhelming majority — bears prevail. Puts concentrated between $28-$40k will present major hurdles should the price of Bitcoin rise above $36k. We’ll see how things unravel.