Bitcoin
BTC$60 032.76

-2.11%

Ethereum
ETH$3 989.05

-3.01%

Binance Coin
BNB$469.93

-2.46%

Tether
USDT$1.000447

0.02%

Cardano
ADA$2.10

-2.38%

Solana
SOL$187.59

-3.86%

Bitcoin sees quite healthy consolidation on $200M BTC options expiry day


17 Sep 2021

#Bitcoin

Everything is bullish except the price on Friday as $200 million in options expire and attention focuses on corporate quarterly disclosures. Bitcoin (BTC) ranged around $48,000 on Friday as hopes of a bull run endured thanks to low supply and upcoming corporate disclosures. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD continuing to consolidate into Friday, with the latest options expiry now due. The pair had made little progress since bouncing off $47,000 the day before, but bullish expectations among analysts were also firmly intact.  As Cointelegraph reported, these revolve around a “supply squeeze” driving prices up — a combination of increased demand while long-term holders already own almost 80% of the supply.

“Keep in mind alt supply, and ETF season ahead likely to be key drivers + disclosures,” trader Pentoshi noted as part of comments on the BTC price outlook. Cointelegraph contributor Michaël van de Poppe was similarly cool about current market activity. “I don’t think you should worry about the market consolidating here. Quite healthy,” he summarized on the day.  “Altcoins still rocking. Great months to come in crypto.”

A look at buy and sell levels on major exchange Binance confirmed resistance beginning at $48,600, this having crept lower during the consolidation. Buy interest, meanwhile, still lay at $44,000. Calmer conditions on derivatives platforms likewise cooled concerns over a repeat of last week’s major sell-off. When Bitcoin lost $10,000 in a single day, overleveraged trading saw a wipe-out, and leverage has since stayed considerably lower. Slightly positive funding rates suggest that the market is much better positioned for sustainable upside — bullish, but without irrationality.

“Traders in Bitcoin futures markets remain reasonably bullish with a positive funding rate returning to perpetual swap contracts,” Yann Allemann and Jan Happel, co-founders of on-chain analytics firm Glassnode, commented on an accompanying chart. “Note how funding rates are positive, but not up to the same level as before the $10k sell-off last week The Bitcoin market is bullish, but cautious.”


Related

Bitcoin futures ETF in danger of hitting upper limit for contracts
Bitcoin futures ETF in danger of hitting upper limit for contracts
Bitcoin gains $2K in hours after BTC price bounces near previous all-time high
Bitcoin gains $2K in hours after BTC price bounces near previous all-time high
Bitcoin futures ETF hits $1B AUM in a record-breaking two days
Bitcoin futures ETF hits $1B AUM in a record-breaking two days
Bitcoin sees its highest ever daily close as BTC/Euro pair hits all-time highs
Bitcoin sees its highest ever daily close as BTC/Euro pair hits all-time highs
Next Bitcoin price crash will be shallower than 80%, says Pantera Capital CEO
Next Bitcoin price crash will be shallower than 80%, says Pantera Capital CEO
The price of Bitcoin jumped towards its all-time high on Friday morning
The price of Bitcoin jumped towards its all-time high on Friday morning
Bitcoin to new all time highs?
Bitcoin to new all time highs?
Bitcoin approaches all-time high but hits resistance at $60,000
Bitcoin approaches all-time high but hits resistance at $60,000
New tickers and ARK filing shows Bitcoin futures ETF approval imminent
New tickers and ARK filing shows Bitcoin futures ETF approval imminent

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 66.8% 74 $60 032.76 -2.11% -1.50% $1 131 802 049 382 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 71.2% 59 $3 989.05 -3.01% 4.71% $470 948 938 919 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 68.8% 62 $469.93 -2.46% 0.52% $78 385 216 501 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 92% 1 $1.000447 0.02% 0.09% $69 605 178 895 USDT 7 days price change
5 Cardano (ADA) ADA Cardano predictions 89.2% 13 $2.10 -2.38% -2.74% $69 174 273 027 ADA 7 days price change
6 Solana (SOL) SOL Solana predictions 70.8% 56 $187.59 -3.86% 17.09% $56 455 905 240 SOL 7 days price change
7 XRP (XRP) XRP XRP predictions 76.8% 49 $1.063738 -2.10% -5.03% $49 938 635 685 XRP 7 days price change
8 Polkadot (DOT) DOT Polkadot predictions 59.2% 82 $41.55 -4.26% -0.40% $41 029 792 344 DOT 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 69.6% 60 $0.261327 4.69% 10.43% $34 450 251 548 DOGE 7 days price change
10 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000452 0.01% 0.09% $32 589 972 835 USDC 7 days price change
11 Terra (LUNA) LUNA Terra predictions 67.6% 61 $40.06 -6.21% 7.93% $16 078 547 993 LUNA 7 days price change
12 UniSwap (UNI) UNI UniSwap predictions 77.6% 42 $25.49 -4.26% -3.47% $15 592 349 712 UNI 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 58.8% 92 $0.000038 12.93% 47.19% $14 846 178 540 SHIB 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 61 $62.43 -4.16% 10.20% $13 751 801 922 AVAX 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 72.4% 50 $29.06 -5.36% 8.54% $13 396 474 820 LINK 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2021 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.