- At the time of writing, Bitcoin is trading at $42,881, down 0.05% in the last 24 hours.
- If the BTC price manages to go above $43,380 level then the price will likely test $43,680.
It seems that investors’ faith in riskier and more volatile assets has been more apparent after the FOMC meeting. The most recent statement from the U.S Federal Reserve, which signified the third straight time interest rates were held constant, was likely the primary catalyst for the recent market upswing.
There is a lot of anticipation in the cryptocurrency market as a large number of Bitcoin and Ethereum options contracts are about to expire. On December 15th, almost 37,000 Bitcoin options contracts will expire. Also, the batch is little compared to the enormous options expiration at the end of the month, but it’s still greater than the previous week’s expiry event.
The current batch of Bitcoin contracts has a notional value of $1.58 billion. Also, there is a balanced distribution of sellers across long-term call options and short-term put options, with a put/call ratio of 1.02.
It is worth noting that the implied volatility (IV) has remained mostly stable for almost a month. This indicates that investors and traders are not expecting big directional moves very soon.
Breakout Likely
At the time of writing, Bitcoin is trading at $42,881, down 0.05% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 2.70%. The price has been consolidating after facing strong resistance at the $43,380 mark.
If the BTC price manages to go above $43,380 level then the price will likely test $43,680 resistance level. However, if the price goes below $40,300 level, then the price will likely decline further to test $40,010 support level.
