Meanwhile, the US markets have closed again. We naturally look at the live Bitcoin price and the prices of the top 25 crypto currencies. Then we look at Bitcoin’s remarkably high correlation with the S&P 500 stocks. Then we share why the BTC is facing exciting days and how this affects the price outlook for the week ahead.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto currencies.
Live Bitcoin price and prices top 25 crypto plane
The live Bitcoin price at the time of writing is EUR 38,408.30 ($42,496.01). This is 0.01% higher than during our Bitcoin update last night.
The rest of the top 25 crypto are also performing fairly flat. There are exceptions among both the losers and winners. For example, Bitcoin Cash (BCH) surrendered a good portion of its gains with -4.33% as the biggest loser. Near (NEAR), on the other hand, rises far above the crowd with a gain of 14.41% in 24 hours. On the site of Tradeincrypto.com you can analyze all live crypto prices.
Bitcoin shows striking correlation with stocks
Because the prices of Bitcoin and gold reacted the same to market events for a long time, the largest crypto currency was nicknamed “digital gold. Analyses by Arcane Research, however, show that this correlation is currently completely gone. The same research shows that the correlation between BTC and the S&P500 has actually risen to record levels in recent months.
Incidentally, this makes it too early for analysts to write off Bitcoin as digital gold. Crypto insiders such as Michael Saylor, CEO of MicroStrategy, are actually advocating BTC’s status as digital gold with increasing fanfare. In doing so, insiders also wonder if equities themselves do not offer protection against inflation.
Exciting days ahead: $3.34 billion worth of BTC options expire Friday
Friday morning at 10 am Dutch time, weekly and monthly options in BTC expire again. This time, a value of $3.34 billion is set to expire. Depending on the price at the time of expiration, the bulls can make a hefty price gain. At the moment, the results for BTC options look like this, measured by the height of the BTC price at expiry. For a price result:
between $39,000.00 and $42,000.00: 6,300 calls vs. 6,300 puts. The net result is then divided approximately equally between call (bull) and put (bear) instruments.
Between $42,000.00 and $44,000: 8,700 calls vs. 4,600 puts. The net result is then $175 million for the bulls.
Between $44,000.00 and $45,000.00: 10..600 calls vs. 4,300 puts. In that case, the bulls can record a net result of $280 million. As we saw above, the current Bitcoin price moves between $42,000 and $43,000. Thus, a nice profit seems to be in store for the bulls.
If you yourself are interested in finding out more about trading Bitcoin options, you can of course always look around on a specialized crypto exchange without any obligation. Our colleagues at Tradeincrypto.com are happy to introduce Huobi Exchange.
Bitcoin price forecast for the coming week
Through Friday, of course, the crypto market is busy with Bitcoin’s decline on Friday. Since the bears have taken a big hit from the price rise and there is a relatively easy way to score a nice return for call investors, analysts expect to keep the price above $42,000 at least until options expiry.
After that, analysts expect a further price rise in consolidating trend to $45,000.00. Once the market manages to turn this resistance into support there is little resistance to be seen at this time between $45,000.00 and $50,000.00. You can see more details about this in the video analysis below.
Incidentally, one does not expect a structural bear trend until the price drops below $35,000.00 and that does not seem realistic at this time.
We will of course continue to analyze the Bitcoin and crypto market. Will you too?
Keep up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”