Key Points
- Bitcoin options traders express optimism for a price increase above $100,000 in September.
- Despite this, Bitcoin whales’ activity could indicate potential short-term selling pressure.
Options Traders Optimistic for Bitcoin
Analysts have noted a positive trend in the Bitcoin options market following the cryptocurrency’s recovery last Friday, which continued into the start of the week. Bitcoin risk reversals are now in the positive, with call options being more costly than put options.
This trend indicates a bullish sentiment among traders, who are more willing to pay for options that profit from a Bitcoin price increase than those that guard against a price drop. There has been a resurgence in demand for Bitcoin call options with strike prices of $75,000 and $100,000 for September.
Challenges and Whale Activity
However, for Bitcoin to surpass the $100,000 mark, it would need to demonstrate remarkable resilience in the face of rising regulatory scrutiny and broader political and economic uncertainty, according to Neil Roarty, an analyst at Stocklytics.
Despite the positive outlook in the derivatives market, Bitfinex analysts have noticed Bitcoin whale activity that could suggest increased short-term selling pressure. The Bitcoin exchange whale ratio indicates a potential for increased sell pressure as these investors have been seen moving more of the digital asset to exchanges, possibly in preparation for sale.
However, historically, most aggressive selling has come from short-term holders, those who have owned Bitcoin for 155 days or less. For this group, the realized price is $58,700, which seems to be acting as a significant support level in the current market.
As of now, Bitcoin is maintaining a price above the $63,000 mark, with a slight decrease of over 1% in the last 24 hours to trade at $63,551. The GM 30 Index, which represents a selection of the top 30 cryptocurrencies, has decreased 1.32% to 137.37 in the same period.
