BTC options expire to have this effect on the price with a resistance of $48k

“Wish 50k?”

This is undoubtedly the question of the day. Both fearful and greedy whispers rise around you as the stats and indicators flash. Meanwhile, Bitcoin [BTC] difficulty holding the head up. April 1 may be April 1, but crypto investors don’t have time to play and here’s what you need to know at this crucial stage.

Totally out of your reach. † or not

At the time of going to press, Bitcoin had fallen a dramatic 4.99% in the past 24 hours review a price from $44,729.40. In the past week, however, the king’s coin increased by 1.49%.

This fall comes just hours after Glassnode co-founders posted that Bitcoin was “looking strong” as BTC passed $46k. Bitcoin’s latest U-turn reminds us exactly what volatility means in the crypto industry.

So what are the new support and resistance levels? While it’s hard to be sure, it certainly helps to look at the 2,411.60 Bitcoin call options and 1,319.50 put options expiring on April 1 – although these were changing at the time of writing. For reference, the maximum pain price was set at $42,000. With most of the bubble volumes concentrated around this price, it’s likely that 42k could serve as resistance, perhaps partially explaining Bitcoin’s downward swing.

Looking at the put volume, there is a higher concentration at $40k than at $47k meaning the former could serve as a new support level.


A great day for bears?

Red may make bulls angry in the ring, but make crypto bears happy. Therefore, some investors may be delighted to learn that the Awesome Oscillator [AO] price indicator flashed through a high red bar on April 1, 2022, the first since March 15. For other short-term traders, this could be the hint to sell, just in case the price drops lower.

Source: Trade View

However, it seems that investors are not completely losing their minds just yet, as the Bitcoin Fear and Greed Index revealed that sentiments are still in the neutral territory almost print time. Could things change soon? Well, a report from Glassnode Uncharted noted

“We need to remain cautious as the macro environment continues to fuel crypto investor behavior: investor sentiment plummeted after aggressive comments from the Fed.”

Exchanges usually fall victim to shocking developments in crypto. However, on this occasion, data showed that Bitcoin saw about $413 million in outflows. This suggests that investors are still buying the king coin at discounted prices.

Other, Ethereum [ETH] and Tether [USDT] also noted outflows.

Leave a Comment