Despite the recent negative impact by the macroeconomic environment and bankruptcies, the cryptocurrencies have managed to rise since the start of 2023. All this started when the world’s first cryptocurrency, Bitcoin entered the recovery phase as 2023 began. This recovery phase was followed by Ethereum and other major altcoins which has pushed the global crypto market cap above $1 trillion now.
At the time of reporting, Bitcoin is moving around $23,042 with a rise of 0.15% over the last 24hrs.
Also the Trading desk QCP Capital which is an analytic platform, claims that in the last one week, Bitcoin has been trading on a bullish pattern. As per the analysis, this positive pattern is impacting options trading and is pointing towards put skew.
Put skew is nothing but a phenomenon where puts are higher and calls are lower and the pricing difference in options is called skew. Here the puts are higher than calls because investors are holding on to some of their bullish positions.
Crypto Market On A Crucial Face
On the contrary, a well known crypto analyst, Michael van de Poppe portrays a bearish stance towards Bitcoin. The analyst claims that Bitcoin is all set to break and hit a target of $24K. However, Van de Poppe then predicts Bitcoin to slide down towards $22K and test $20,000 levels.
Furthermore, the trading desk states that traders are going long in the spot market which suggests the entry of fear of missing out. This also means that most of the traders are focusing on price leading to high delta calls purchase.
Additionally, QCP analysis suggests a flip in the current bull market after the CPI report is released which is scheduled for February 14, 2023. Hence, the next week plays an important role for the future crypto market.
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