What’s next for Bitcoin? – Bitcoin magazine

Bitcoin was on a roller coaster ride this month. Prices started at highs in October and consolidated reasonably for a second week before resuming the uptrend.

After a new ATH of $ 67,000 was set on October 20, the price of Bitcoin was largely traded in the range of $ 60,000 to $ 63,000. The past trading sessions have been pretty monotonous and BTC is only up 0.11% in the past 24 hours.

This stagnation trend is not surprising. The price usually stops before it gets higher by the inch, and that is exactly what is happening now.

Next, all three Sundays in October (3rd, 10th, 17th) are less volatile and not much moving compared to the other 6 days of the week. With this Sunday there is also a non-dramatic move on the lower timeframe chart.

BTC / USDT | The source: TradingView

So if the trend is flat, Bitcoin will continue to fluctuate around the current range throughout the day.

At this stage, many argue that the less dramatic Sunday culture is just a coincidence. This is not the case and the state of the Bitcoin indicators confirms the opposite.

The speed graph isn’t too messy at the time of writing. A rally is usually accompanied by a steady pace while a chaotic backdrop paves the way for a correction to begin. Given the calm and stable state of this indicator, it can be said that the likelihood of a sharp increase seems very unlikely.

Bitcoin network speed | The source: Glass knot

Another important factor in the game is the number of days Bitcoin is destroyed (BDD), which takes into account the estimated volume of transactions or the “speed at which money” flows into Bitcoin. When BDD is low, it is a direct sign of HODL / accumulation. At press time, the BDD is nowhere near the September 27 highs and is showing signs of accumulation.

Therefore the selling pressure is not too high, which excludes a crash at the end of the week to a reasonable extent.

BILLIONHow’s next week

Well, next week could be very interesting. From a derivatives standpoint, there are many options contracts that expire on October 29th. More than 57.4k BTC will expire on Friday, according to Skew data, and as this is the longest expiration time before December 31st, there is the potential to upset the market equilibrium and change the trend.

From an exercise price of USD 60,000, the majority of call options dominate the put options. So if BTC stays in the USD 60,000 range or increases higher, call holders can be expected to exercise their respective Bitcoin call options. In fact, buy orders can be triggered and many long green candles will appear on the chart.

Global BTC Options Open Interest at Strike Price | The source: Crookedness

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Minh Anh

According to AMBCrypto

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