Of course, today we also look at the live Bitcoin (BTC) price and the prices of the top 25 crypto. Then we look at how the price rise affects the options due to expire tomorrow. Then we see how structural the current rally is. Finally, we look at the Bitcoin (BTC) price key quotes in the short term.
We start with the live Bitcoin (BTC) price and the prices of the top 25 crypto.
Live Bitcoin (BTC) price and prices top 25 crypto rise further
At the time of writing, the live Bitcoin (BTC) price is quoting EUR 24,028 ($24,459). This is 5.88% higher than during our Bitcoin lunch yesterday.
The prices of the top 25 crypto are also rising rapidly. Apart from the stable coins, only Leo Token (LEO) records a small loss of 0.34%. The biggest gain is currently at +11.74% for Lido Staked Ether (STETH), but as we see in the overview of live crypto prices on Tradeinicrypto.com, there are more crypto coins writing double-digit gains.
Rise in Bitcoin (BTC) price pushes option market
Tomorrow (Friday) at 10 a.m. Dutch time, weekly options for the BTC expire and this week’s value is $475 million. Depending on the price at the time of expiration, the bulls can make a nice hit. This is in fact the distribution depending on the price:
Bitcoin price between $21,000 and $22,000: 70 calls (bulls) vs. 4,200 puts (bears). The bears win $90 million in that case.
BTC price between $22,000 and $24,000: 1,600 calls vs. 1,460 puts. The net result is equally divided between bulls and bears.
Bitcoin price between $24,000 and $25,000: 3,700 calls vs. 120 puts. The net result for the bulls is then $90 million.
BTC price between $25,000 and $26,000: 5,900 calls vs. 30 puts. The net gain for the bulls is then $150 million.
(Source: Cointelegraph)
So with that, there is a lot at stake for the bulls to chase the price above $25,000 if at all possible, but at least to keep it above $24,000.
How structural is the BTC rally?
To keep the price above $24,000 or even push it through $25,000, it is important that the current rally is somewhat structural. Experts are divided on this.
On the one hand, there are experts who worry that the rally will soon be over. They see a brief rebound towards $25,000.00 or $25,500.00 after which, according to them, another decline will follow.
Twitter won’t load because you didn’t give permission.
Almost there. https://t.co/oJFpD5BVz9 pic.twitter.com/2pjpUgw85T
– il Capo Of Crypto (@CryptoCapo_) August 11, 2022
On the other hand, one sees that the crypto market is recovering slower than other financial markets. Dutch analyst Michaël van de Poppe is therefore convinced that we will see more growth.
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Most important chart is the total market capitalization of #crypto.
Why?
Very likely, chances that we’ve actually seen the low and are continuing the grind. pic.twitter.com/hZYOY035jl
– Michaël van de Poppe (@CryptoMichNL) August 11, 2022
These are the Bitcoin (BTC) key quotes in the short term
In the short term, investors’ eyes are therefore focused on the Bitcoin (BTC) price of $24,200. This was until recently a strong resistance level which has now been turned into support by the market. If this support holds, we are looking at a narrow range as there will then be resistances around $24,500 and $25,000. If the market manages to break both of these, a BTC rally to $29,000 is in the offing.
Otherwise, there is a support level at $ 24,200 and then a support level at the psychologically important limit of $ 24,000. If this is also broken we will find a third BTC support level around $23,550. This would mean, however, that the bulls would have surrendered their superiority at the expiration of tomorrow’s weekly options.
Naturally, we are curious to see how this develops.
Want to stay up to date on the latest stock 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.
Note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide rationally if, when, what and how much you want to invest in.