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Bitcoin Below the $50K Mark: Terra (LUNA) Now Top 10 After 11% Spike (Market Watch)

Bitcoin keeps struggling with the $50,000 mark as the asset failed to breach it decisively and remains below it as of now. Most altcoins are also slightly in the red on a daily scale, except for Terra, which skyrocketed by more than 10%.

Bitcoin Stands Below $50K

Ever since the massive price crash that transpired during the weekend, bitcoin has failed to produce any significant gains and to overcome the coveted $50,000 level decisively.

It seemed as the asset had done so two days ago when it traded well above that line and even tapped $52,000. However, the bears didn’t allow any further increases.

Just the opposite, they pushed the cryptocurrency south and drove it below $49,000 yesterday. In the following hours, BTC attempted another leg up which culminated in reaching $51,000.

Once again, though, bitcoin failed to maintain above it and, as of now, trades below $50,000. Its market capitalization has declined beneath $950 billion, and the dominance over the altcoins sits at 40%.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Terra Soars 10% as Alts Retrace

Similar to bitcoin, most altcoins have struggled in the past few days. Ethereum dumped from above $4,600 to $3,500 during the Saturday crash but quickly bounced off and reclaimed $4,000. On a daily scale, though, ETH is down by 1% and stands at just over $4,300.

Solana, Cardano, Polkadot, Dogecoin, Avalanche, and Shiba Inu are also slightly in the red since yesterday. In contrast, Binance Coin and Ripple have marked minor gains.

Terra, on the other hand, has surged by more than 10% in a day. As a result, LUNA now trades at $75 and is just inches away from registering yet another all-time high, which is now set at $78, according to CoinGecko. Moreover, the asset has now entered the top ten largest cryptocurrencies by market cap.

More gains come from WAX (29%), NEAR Protocol (17%), Celo (12%), Huobi Token (10%), and Gala (10%).

The cryptocurrency market capitalization has remained relatively still at just over $2.3 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Bitcoin Price Analysis: BTC Recovery Above $50K Stalls, More Pain Ahead?

Choppy price action and indecisiveness – this is how we can summarize the past couple of days on the cryptocurrency market.

In our last BTC price analysis, we examined if whether or not $69K was the cycle’s top following the vicious corrections, and now, we take a closer look into how the market is developing from a technical and on-chain perspective.

Options Market Analysis

This Friday, December 10, about $946 million worth of bitcoin options contracts will expire in Deribit. Max pain price for this expiry is 53k. The puts at $50k strike price have the highest open interest with 1305 contracts.

img1_btc
Source: Deribit

Realized volatility is still higher than implied volatility (IV). All in all, it seems that options traders are not sure about an imminent V-shape recovery yet.

img2_btc
Source: laevitas.ch

Time-lapse skew shows a higher IV for strikes below $45k. The simple interpretation would be that the options traders want to hedge against the market downside.

img3_btc
Source: laevitas.ch

Futures Market Sentiment and Supply/Demand Analysis

Like the market crash in May, last week’s market has experienced a massive drop in Futures Market open interest due to cascades of long liquidations. The open interest has dropped from its all-time high ($28.8B) to $17.2 B.

img4_btc
Source: Coinglass

Interestingly, as the futures market was adsorbing the hit by a massive decline in open interest, the All Exchanges Reserves showed significant outflows from exchanges. This is entirely different from May’s last major market crash, where we have substantial inflows to the exchanges.

img5_btc
Source: CryptoQuant

Technical Analysis

Current Market Conditions Choppy

Yesterday, the price moved up on the 4H time frame following a sharp fall on December 6th and is currently struggling with its failed support. The RSI indicator is below 50 and follows a downtrend line since the price was 69K (new ATH).

Shifting from this bearish trend back to bullish momentum in RSI depends on retaking the mentioned failed support line. The BMAX DT indicator, which maps the momentum-change opportunities, is still decreasing and has not shown a positive signal.

We will have to wait for the required confirmations to ensure that the trend is reversed. Most of the technical analysis believe that going back to the 53K and stabilizing above that level would be a good signal.

img6_btc
Chart by TradingView

Where is the Key Level to a Possible Reversal Trend?

Th buy orders on the major support levels caused the price to increase yesterday. However, the more substantial selling pressure from the short-term traders seeking an opportunity to exit the market drove it back to lower levels.

Due to the divergences that have formed in MACD and the awesome oscillator(AO), it’s important to remain vigilant of potentially lower prices on the daily timeframe. At the moment, the critical support level is $42k-$40k. Don’t forget that the market is fearful about the new COVID variant and possible lockdowns.

img7_btc
Chart by TradingView

The above analysis was complied by @N__E__D__A, @GrizzlyBTClover, and @CryptoVizArt. Data provided by @tsypruyan exclusively for CryptoPotato.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Market Watch: Bitcoin Struggles at $50K, Tezos Soars 30% Following Ubisoft News

Bitcoin attempted another leg up in the past 24 hours but was stopped at $52,000 and retraced to just over $50,000. Most altcoins have also stalled since yesterday’s increases, with a few exceptions such as Tezos, which has surged by nearly 30% in a day.

Bitcoin Failed at $52K

CryptoPotato reported on Saturday the massive crash that drove bitcoin from $58,000 to a two-month low of $42,000, resulting in over $2.5 billion in liquidations from 400,000 over-leveraged traders.

The asset started to recover on Sunday but was stopped in its tracks at nearly $50,000. However, it managed to breach that level yesterday.

Moreover, BTC kept climbing in the following hours and even touched $52,000. This is where the bears stepped up once more and pushed it south again. As a result, bitcoin now stands at just over $50,000, and its market capitalization is down to $950 billion.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins Stall: XTZ Explodes

Most alternative coins mimicked BTC’s performance lately, meaning that they dumped in value hard on Saturday and charted impressive gains yesterday.

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Today, though, most have stalled or even retraced. Ethereum went from $4,600 to $3,500 in hours during the crash and exceeded $4,400 yesterday. After a minor 24-hour decline, though, ETH stands below that line. Binance Coin has lost a similar percentage and now stands at $585.

Solana has declined the most from the larger-cap alts. A 6.5% decrease has driven SOL to well below $200. Cardano (-5.5%), Avalanche (-5%), Terra (-03%), and Shiba Inu (-3%) are also in the red.

Ripple and Dogecoin are slightly in the red, while Polkadot has gained 1%. Chainlink is the most significant gainer from the larger-cap altcoins, with an 11.5% surge to $22.

Tezos stands out from the lower- and mid-cap alts. XTZ has surged by nearly 30% following a partnership with the gaming giant Ubisoft.

Overall, though, the cryptocurrency market capitalization is down by $50 billion in a day and is well beneath $2.4 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.


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Uncategorized

Bitcoin Whales Bought Almost $3.5 Billion (67K BTC) During the Crash to $42K

Large bitcoin holders seem to believe that this is far from being the end of the 2021 bull cycle. Data reveals that whales took the opportunity to buy a whopping $3.5 billion, or 67,000 BTC, while the cryptocurrency was plunging towards $42,000.

  • As CryptoPotato reported on December 5th, bitcoin’s price had dropped to $42,000 (on Bitstamp) – its lowest point since late September, for a cumulative crash of more than $16,000 in a day.
  • Huobi – one of the leading cryptocurrency exchanges with a prominent focus on the Chinese market – experienced a flash crash where the BTC price dropped to $28.8K instantly.
  • All of this resulted in billions of dollars worth of liquidated long positions, causing nothing but mayhem within the community.
  • Bitcoin whales, though, seem to have played this price movement “to perfection,” according to data from Santiment.
  • The firm, which specializes in on-chain and social metrics of more than 2,000 cryptocurrencies, revealed that addresses holding between 100 to 10K BTC bought 67,000 bitcoins, beginning during the dump to $43.5K. That’s worth around $3.44 billion at current prices.

Bitcoin has recovered back to $50.1k Monday, and whale traders played the dip to perfection. Beginning during the dump to $43.5K, addresses holding 100 to 10K BTC have accumulated 67K more BTC after dumping the same amount before the price drop.

img1_btcwhales
Source: Santiment
  • Meanwhile, earlier today, we reported that the third-largest BTC whale also took advantage of the dip and bought more than 2,700 coins in a day at around $50K.
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Uncategorized

Crypto Market Cap Recovers $200B in a Day as Bitcoin Reclaims $50K (Market Watch)

Following the latest price declines when BTC dumped below $50,000, the cryptocurrency finally bounced off and reclaimed that level. The alternative coins are also well in the green, with impressive increases from Ethereum, Cardano, Solana, Polkadot, Avalanche, and many more.

Bitcoin Above $51K

The past several days didn’t go well for the primary cryptocurrency. As reported on Saturday, the asset plummeted by $16,000 in a matter of hours to a two-month low of $42,000.

It tried to recover on Sunday with a pump towards $50,000, but the bears didn’t allow a price jump over that level. The subsequent rejection drove it south to $47,000 once more.

However, the bulls have stepped up since then. As a result, bitcoin initiated an impressive leg up, reclaimed $50,000, and currently stands even above $51,000. This means that the asset is up by more than $4,000 since yesterday.

Consequently, its market capitalization has neared the coveted $1 trillion mark once more, while the dominance over the alts has further been reduced to just over 40%.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Recovery Mode

The alternative coins also suffered during the crash on Saturday and yesterday. Today, though, most have surged, led by Ethereum’s 10% increase. As such, ETH currently sits above $4,400. Just for reference, the second-largest crypto dumped to $3,500 on Saturday.

Binance Coin has added 5.5% of value in a day and is close to $600. Even more gains are evident from Solana (11%), Cardano (12%), Polkadot (10.5%), Dogecoin (10%), Shiba Inu (11%), and Avalanche (18%).

Ripple (8.5%) and Terra (7.5%) are also in the green, with XRP standing above $0.80 and LUNA close to $70.

BitTorrent is the most significant gainer (55%) on a daily scale after the project announced the date for its mainnet launch. Loopring (32%), Bitcoin SV (30%), Polygon (30%), Oasis Network (26%), Kadena (24%), Nexo (22%), Fantom (22%), and CRO (20%) are next.

The cryptocurrency market cap has added roughly $200 billion in a day and sits at $2.4 trillion now.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Bitcoin Price Analysis: Following the Latest Drop, Was $69K the Cycle’s Top?

Options Market Analysis

25 Delta Skew and Volatility Analysis

On December 4th, the bitcoin price dropped about $16k. Options traders have set different hedging strategies like buying lots of puts at $50k & $52k strike prices during the last weeks for the possible downside.

To find out what happened in the options market, It’s better to look at 25 delta Skew. This is a way of measuring the volatility skew. For example, for one month, it can be computed using the following formula: skew 1M = (IV 25 Delta put 1M – IV 25 Delta call 1M)/ATM IV 1M. The following chart shows that demand for calls increased despite the bitcoin downside on December 4th.

img6_btc
25 Delta Skew

One Week Implied Volatility (IV) Spiked During the Sell-Off

img5_btc
ATM Implied Volatility

Since last week, we can see more call activities. There is demand for calls at $60k strike for expiry in December and calls for $70k & $80k strikes for expires in January and March. It seems that options traders do not think this ATH was the cycle top.

img4_btc
Open Interest Change Last Week All Expirations

Technical Analysis

Long-Term Analysis

Looking at the historical trends of bitcoin on the weekly time frame, we see that it has moved above MA50 in each bull run and has dropped 60-79% whenever this Moving Average has crossed.

The MA50 is currently at $47.3K, and bulls are trying to protect that. Also, the Static support at 42k looks intense, and it is expected that bitcoin will rebound quickly if we see a temporary cross below this level.

img3_btc
Chart by TradingView

Mid-Term Analysis

On a daily timeframe, BTC is touching the strong daily support of MA200, which intersects with the static support level (green), and bitcoin is also making a higher low in this timeframe.

Historically, losing the MA200 has led to a ranging phase that consumes the required momentum to continue the uptrend. The level of $42K-$44K seems to be strong support for BTC, but a failure of these levels would show the power of the bears.

The support to look out for is at $44K, $42K, and $37K, whereas resistance lies at $50K and $53K.

img2_btc
Chart by TradingView

On-Chain Analysis

The top-buyers appear to be under pressure.

Almost 28% of the supply was moved above $47K. These players are (most likely) going through an exhausting ranging period in December. They are the leading sellers, and historically, they tend to sell at a loss if this exhausting phase lasts for an extended period.

img1_btc
Chart by CryptoQuant

The above analysis was complied by @N__E__D__A, @GrizzlyBTClover, and @CryptoVizArt. Data provided by @tsypruyan exclusively for CryptoPotato.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

Extreme Fear After BTC Lost $50K: Bitcoin Fear And Greed Index at 5-Month Low

On December 4, bitcoin suffered its worst trading day since mid-May, as its price plunged to a two-month low of $42,000. Somewhat expectedly, this massive $16,000 crash in less than 24 hours led to a change in investors’ sentiment as the popular Bitcoin Fear & Greed Index went into “extreme fear” territory once again.

Extreme Fear Shakes The Crypto Community

The Bitcoin Fear & Greed Index works as an indicator of momentary investor sentiments towards the primary cryptocurrency. It tracks several segments such as the volatility of the asset, volume, social media comments, surveys, and others to provide a result between 0 (Extreme Fear) and 100 (Extreme Greed).

Following the recent bloodbath in the cryptocurrency industry, and more specifically, bitcoin’s price dump to around $42,000, the metric now points at 16 – “Extreme Fear.” It is worth noting that the last time the index showed a number lower than 16 was July 21. Back then, BTC’s USD value dived under $30,000.

Bitcoin Fear and Greed Index. Source: Alternative.me
Bitcoin Fear and Greed Index. Source: Alternative.me

After rallying to an all-time high price of almost $70,000 in the middle of November, the leading digital asset kept hovering above $60,000 for the next couple of weeks. However, the picture drastically changed at the end of the month when it dropped under $55,000. One of the reasons behind the decline might have been the new COVID-19 variant – Omicron – which was detected in South Africa and harmed all financial markets.

In the following days, BTC bulls tried to push the price towards $60,000 but without much success. Somewhat expectedly, Bitcoin Fear & Greed Index went to “Fear” and “Extreme Fear,” indicating the concerns among cryptocurrency investors.


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At the beginning of December, when the asset was preparing for another attempt to push towards that particular line, the bears came to play big time and led to the aforementioned tumble of $42,000.

According to the analytics company CryptoQuant, on-chain developments ahead of the crash could have foreseen what happened. The number of bitcoins sitting on exchanges, which spiked sharply hours before the drop, was one of the signals.

Whales to Sell More?

CryptoQuant’s Exchange Whale Ratio, which compares the top 10 largest deposits to exchanges with all other deposits, large BTC holders have been increasingly depositing more substantial quantities of the asset to trading platforms lately.

The metric typically stands above 85 only in bear markets. However, it has surged above 95 in the past few days after a sudden uptick ahead of the crash. Consequently, the analytics company warned that BTC’s price could face another downfall soon if whales decide to sell large quantities.

Is It ‘Buy The Dip’ Time?

While “Extreme Fear” might not sound like a ringing bell for individuals to enter the crypto market, many experts actually believe that bitcoin being in that state is a good buying opportunity. It is worth mentioning that the billionaire investor – Warren Buffett – once said investors should be greedy when the crowd is fearful and vice versa.

By the looks of it, the authorities of El Salvador (the Latin American country where bitcoin is legal tender) are in favor of the price decline and support Buffett’s thesis. A few days ago, President Nayib Bukele announced that the nation purchased 150 more coins at an average price of just over $48,500.

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Uncategorized

After the Dump: Crypto Markets Recover $300 Billion, Bitcoin Eyes $50K

After yesterday’s massive crash, bitcoin bounced off and added nearly $8,000. Most altcoins are also well in the green now, with Ethereum reclaiming $4,200 and Terra surging to yet another all-time high.

Bitcoin’s Recovery Attempts

The cryptocurrency industry is well known for its highly volatile price movements and yesterday was a prime example of that. Bitcoin, for instance, traded around $58,000 after getting rejected at $59,000 a few days in a row when the landscape changed vigorously.

The asset plummeted in the following hours to a daily low of $42,000 (on Bitstamp), prompting many industry experts and analytics to speculate on the possible reasons behind this $16,000 drop.

Nevertheless, bitcoin reacted somewhat positively after touching the $42,000 bottom. It bounced off to around $47,000 initially and another leg up hours later drove it to just shy of $50,000.

So far, BTC is unable to breach that level, but it’s still about 5% up on the day, and its market capitalization has risen well above $900 billion.

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BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Altcoins in Green After the Bloodbath

The altcoins suffered even more than bitcoin yesterday. Ethereum went from nearly $4,700 to around $3,500. Now, though, the second-largest cryptocurrency trades around $4,200 after a 7.5% daily increase.

Binance Coin also fell hard, but a similar increase has driven it to above $570. Solana (3%), Cardano (2%), Polkadot (2%), and Shiba Inu (5%) also see some daily gains.

Even more impressive recoveries come from Ripple (12%), Dogecoin (8.5%), and Terra (30%). Consequently, LUNA even painted a new all-time high earlier at just under $80.

More daily increases are evident from Livepeer (22%), Loopring (20%), Elrond (20%), Quant (18%), Decentraland (18%), Enjin Coin (17%), Holo (16%), THORChain (15%), The Sandbox (12%), Helium (12%), and many more.

As such, the cryptocurrency market capitalization has recovered over $300 billion since yesterday’s low of $2 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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Uncategorized

3 On-Chain Signs That Flashed Shortly Before Bitcoin’s $16K Daily Crash

Bitcoin’s price plummeted in a day by losing $16,000 of value in hours, and the rest of the market followed. According to the analytics company CryptoQuant, there were several on-chain developments that flashed ahead of the crash that could have foreseen the dump.

The Three On-Chain Factors

As reported earlier today, BTC dumped from a daily high of $58,000 all the way down to $42,000, which became one of the worst crashes in terms of USD. While investors are looking into global developments for the reasoning, such as more fears from the new COVID-19 variant and the weekly stock market sell-off, CryptoQuant provided several on-chain possible reasons.

The first was the number of bitcoins sitting on exchanges, which spiked sharply hours ahead of the drop. This metric was declining gradually over the past several months, leading to new lows. However, as the graph below demonstrates, there were more than 45,000 bitcoins deposited in a day.

Bitcoin All Exchanges Reserve. Source: CryptoQuant
Bitcoin All Exchanges Reserve. Source: CryptoQuant

Secondly, the analytics company broached the All Exchanges Estimated Leverage Ratio, which tracks the open interest on all trading venues divided by their BTC reserve. Essentially, this metric shows the degree of leverage used by investors, which also spiked sharply hours before the crash.

As seen during the most severe hours of the crash, over-leveraged traders suffered the most, as the total liquidations exceeded $2.5 billion on a daily scale.


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Bitcoin All Exchanges Estimated Leverage Ratio. Source: CryptoQuant
Bitcoin All Exchanges Estimated Leverage Ratio. Source: CryptoQuant

The third metric was the Exchange Whale Ratio, which compares the top 10 largest deposits to exchanges with all other deposits. According to CryptoQuant, the indicator tends to stay below 85% in bull markets, while it in bear markets drops below 85%.

Interestingly, it has remained above 85% for the past few weeks and even spiked to north of 90% in the past few days.

Bitcoin Exchange Whale Ratio. Source: CryptoQuant
Bitcoin Exchange Whale Ratio. Source: CryptoQuant

What Else Changed?

Such a massive price crash in a relatively short period led to other abnormal activities. For instance, the Coinbase Premium Index, showing the difference between the price of bitcoin on the largest US-based exchange and other trading venues, skyrocketed.

Typically, the higher the premium gets, the stronger the spot buying pressure is on Coinbase. Interestingly, Ethereum’s premium also surged.

Bitcoin Premium on Coinbase. Source: CryptoQuant
Bitcoin Premium on Coinbase. Source: CryptoQuant

Wu Blockchain also outlined the premium on South Korean exchanges, which the journalist described as retail-oriented trading venues. As the picture below shows, this metric also increased rapidly, suggesting that retail investors rushed in to take a page out of El Salvador’s book and buy the dip.

Bitcoin Premium on Korean Exchanges. Source: CryptoQuant
Bitcoin Premium on Korean Exchanges. Source: CryptoQuant
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Bitcoin Price Analysis and Overview Following BTC’s Worst Day Since May: The Good and the Bad

Bitcoin had seen its worst day since mid-May. Today’s high lies at $53.8K, whereas the low is below $42K. Keeping in mind Bitcoin is currently over 30% below the ATH recorded on November 10, the following analysis and overview will try to address whether or not the bull market is over and where the next significant support, in case $42K breaks down.

Futures Market Sentiment

As explained just three days ago, the futures market was overheated. Now, we can see one of the main driving forces for today’s sharp dip was the huge flush out in the crypto futures market. Open Interest (OI) drastically plunged, ~$3.7B in the last 8 hours.

btcusd-dec4-cq
Data by CryptoQuant.

Mid-Term Technical Analysis

Let’s look at Heikin-Ashi candlestick on Bitcoin’s weekly timeframe while using Bollinger bands. BTC signaled a correction after touching the upper band at $69K (the current ATH from November 10).

For now, Bitcoin had found support by the middle band, along with the 20-week simple moving average (SMP). If bitcoin loses the middle band as support – there will be a possibility to touch the lower Bollinger band.

btcusd-dec4-p1

Onchain Analysis: The Buy/Sell Price Range

The majority of the Bitcoin sold over the past seven days (~ 77%) were the ones who were last moved (likely bought) above the $60K price range. Therefore, the primary sellers were the youngest buyers who sold at a loss.

btcusd-dec4-onchain1

Considering the above, let’s observe the UTXO Histogram, which represents the supply distribution based on the buy price (last move).

Looking at the following chart, we can extract possible support levels if the current price further drops. $46.2K (~$47K is where lies the 200-day MA), and $40K are the most vital support levels based on the UTXO Histogram chart.

btcusd-dec4-onchain2

Options Market: OI Put/Call Ratio and Implied Volatility

Call and Put options are the two types of options contracts. A Call option is a right to buy at a future set price, and a Put option is a right to sell.

When traders buy more Puts than Calls, there will be a rise in bearish sentiment. Put Call Ratio (PCR), which measures the ratio of Puts to Calls, is a derivative indicator in the options market that can be used to understand the underlying sentiment in the market.

The following chart shows this ratio based on the Open Interest (OI). We can combine this ratio with Implied Volatility (IV) to get a better result.

IV is the forward-looking indicator. It reflects the risk perception in the market. Data show that PCR increased – rising from 0.43 to 0.53 – over the past month, meaning more Puts traded than Calls. IV also increased like PCR: this indicates that whenever the PCR increases together with a rise in IV, the Put activity increases. This short-term bearish signal likely caused the drop in price from $69k to $53.4K.

btcusd-dec4-oi-expiration

btcusd-dec4-atm

These options traders wanted to hedge their portfolios against bitcoin price drops due to other news like a rejection of VanEck’s spot Bitcoin ETF & the new Omicron variant. Bitcoin price dropped roughly 8% immediately after the WHO warned a new covid-19 variant.

The question is, did the options traders decide that this was the market top? For a better understanding:

First, we can compare the PCR in Deribit at the ATH ($69k), which was 0.46, and the PCR (0.98) at the previous ATH ($64k). As the chart shows, we are still at the low levels of this indicator over the long term.

Second, on behalf of the OI, more Calls (green) have traded than Puts (red) following the May 2021 crash for the upcoming expiries. In other words, based on the above, the bull run is not over yet.

Top Instrument Open interest (OI)

Based on data from Deribit Exchange, Top Instrument Open interest in the last two weeks shows that despite the increased demand for Puts in the short-term, options traders are still bullish in the mid-term. They are interested in trading Call options at strike prices higher than $70K in the upcoming months.

btcusd-dec4-oi

The above analysis was complied by @N__E__D__A and @CryptoVizArt. Data provided by @tsypruyan exclusively for CryptoPotato.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


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