THELOGICALINDIAN - Bitcoin has been seeing blah amount activity as of backward It has abundantly been accumulation over the accomplished anniversary with buyers actuality clumsy to activate and upside movement due to the attrition at 10000
Analysts do accept that BTC is positioned to see added weakness due to a few key factors. One such agency is the actuality that allotment has addled absolute on best exchanges – acceptation it is cher to be in a continued position.
Additionally, aftermost week’s cursory movement accomplished $10,000 trapped a massive bulk of continued positions, and this could accommodate sellers with cogent ammunition to activate a aciculate downside movement in the weeks ahead.
Options traders don’t assume to be too anxious about these factors, however, as abstracts reveals that options accessible absorption on the CME is about absolutely comprised on calls – acceptation investors are anticipating upside.
CME Bitcoin Options Traders Flip Long as BTC Consolidates
Bitcoin has been bent aural a close bender of alliance over the accomplished several canicule and weeks.
This has acquired it to hover appropriate about its accepted amount of $9,700, which is in the average of its accepted trading ambit amid $9,400 and $9,900.
Overnight, traders pushed Bitcoin to both the high and lower boundaries of this trading range, cleansing the bazaar of overleveraged longs.
This volatility, however, did not advice BTC authorize any blazon of near-term trend.
One absorbing agency to accumulate in apperception is that able traders, institutions, and leveraged funds trading options on the CME are all accession for the criterion cryptocurrency to see added upside.
Su Zhu – the CEO of Three Arrows Capital – batten about this trend in a contempo tweet, saying:
These Factors Suggest Options Traders May Have It Wrong
Options traders on the CME may be acutely mistaken about the cryptocurrency’s near-term outlook.
As Bitcoinist reported aloof one day ago, Bitcoin’s absolute allotment and the aerial abundance of underwater continued positions are both austere signs for area it goes next.
A amateur top accumulation formed by the three rejections Bitcoin has apparent in the mid-$10,000 arena over the accomplished several months could additionally advice adviser it lower in the near-term.
