As Bitcoin options expire, bullish sentiment leans towards a $100,000 target. Analysts note that with cleared resistance, the market is cautiously optimistic despite warnings about potential obstacles. Bitcoin’s recent price movement, alongside ETF inflows and trading patterns, indicate a dynamic market environment. However, ongoing investor concerns regarding market volatility persist.
In the latest US Crypto News Briefing, we see some interesting shifts in Bitcoin’s market sentiment as options rollovers indicate bullish potential. On this last Friday of April, over $8 billion of Bitcoin and Ethereum options expired, with Bitcoin dominating the scene at more than $7 billion in notional value. Bitcoin’s price was notably above the max pain level, trading at about $93,471 just minutes before expiry—and now it’s around $94,581.
Bitfinex analysts shared that market expectations for Bitcoin reaching the $100,000 mark are growing stronger. This post-expiry environment seems cautiously bullish, especially as resistance around the $90,000 strike has diminished. It looks like traders are excitedly moving their positions toward higher strikes like $95,000 and potentially $100,000.
The hype around Bitcoin isn’t just speculation; Deribit analysts highlighted that the highest open interest for BTC options lies at the $100,000 strike level. This suggests traders are quite optimistic about reaching that milestone. Analysis indicates that many are selling cash-secured puts and using stablecoins to manoeuvre premiums and strategise on purchasing BTC at preferred rates.
Adding to the bullish narrative, the cumulative delta across Bitcoin and related ETF options hit a staggering $9 billion. Analysts pointed out significant increases in spot flows and ETF demand, urging that these factors could prove crucial for establishing the $90,000 level as a support zone. However, while the market looks optimistic, caution remains essential.
Innokenty Isers, CEO of Paybis Exchange, warns that Bitcoin may face more resistance moving forward. He pointed to investor nerves regarding the tariff war and its potential volatility impact on Bitcoin. Still, indications of institutional player accumulation paint a picture of a market still hungry for BTC despite occasional turbulence.
A look at today’s chart shows that the most traded Bitcoin options currently are calls at $95,000 and $100,000, as we approach expiry on May 2. Meanwhile, Bitcoin’s value has jumped 25% in April, reflecting a broader shift from fear to a state of greed on the Crypto Fear & Greed Index.
In brief updates, Cardano is up 15% despite some consolidation; Bitcoin ETFs are on a five-day inflow streak, racking up $442 million on Thursday, with a weekly total of $2.68 billion. Base blockchain’s TVL shot up $557 million post-Binance.US integrations, and SUI token has rocketed 62% on collaboration rumours. Finally, World Liberty Financial’s new USD1 stablecoin must navigate EU MiCA regulations, while Arbitrum’s shot at Nvidia’s Ignition AI Accelerator was turned down due to risk control guidelines.
Stay tuned for more crypto updates as the market stands poised for an interesting ride ahead!
