Bitcoin has ranged between $ 30,400 and $ 36,400 in the past 12 days, and it’s difficult to pinpoint the exact reason for the lack of interest from investors. Some analysts have suggested that the Grayscale Bitcoin Trust (GBTC) release of Bitcoin in mid-July will give institutional investors the option to dispose of their coins, but that’s probably not why.
Meanwhile, industry leaders have suggested that the ongoing “crypto regulatory crackdown” in the United States is having a serious impact on investor sentiment, and that outlook in particular. The dilemma stems from the fact that China recently banned all cryptocurrency mining in the country .
Finally, the prominent Bitcoin critic Aswath Damodaran, a finance professor at New York University’s Stern School of Business, has stated that Bitcoin is “failing miserably” as a currency.
Damodaran specifically states that Bitcoin’s use case is limited to microtransactions, even though El Salvador is pushing plans to democratize the Lightning Network solution.
After the bears won the latest $ 3 billion quarterly option expiry, it may have turned in favor of the bulls this time around. While the $ 34,000 level last week gave a $ 310 million advantage on neutral to bearish put options, today is a completely different setup.
Bitcoin Option OI Summary July 2nd | Source: Bybt
The first picture shows a neutral market with call options from neutral to bullish, open interest (OI) dominate 8% of the call-to-put ratio. Of the $ 445 million open position, $ 230 million is represented by neutral to bullish call options, giving the bulls a slight edge. However, a closer look at the data offers a different perspective.
Only 18% of the protective put options are placed at $ 33,000 or higher. There are currently only $ 38 million worth of neutral to bearish options as the BTC price expires at 3:00 p.m. KST today and trades above $ 33,000.
Not overly optimistic right now when it comes to Bitcoin price action, it will have to defend $ 29,000 to sustain a bullish fall in the short term, prominent trader Peter Brandt has warned.
In one tweets On July 1, Brandt is known for his shrewd Bitcoin price predictions over the past few years and warns that the lower time frame is less optimistic and needs to try to break the negative trend.
“The 5-week rectangle is being further perfected. The daily chart is completely negative.
The burden is on the cops unless they can hold Bitcoin above $ 29,000. “
Peter Brandt. Bitcoin labeling diagram | Source: Peter Brandt / Twitter
That level is still higher than the lowest Bitcoin set last week at $ 28,600.
Various sources have warned that Bitcoin is returning to its all-time high of $ 20,000 in 2017.
However, Bitcoiners remain at odds over what could happen to their near-term declining performance.
On Wednesday (June 30), analyst John Bollinger, creator of the Bollinger Bands, viewed $ 31,000 as the lowest of three “reasonable” values for Bitcoin. Some responded that such values would not be re-examined due to recent behavior.
Bollinger also reckons at $ 35,000 to $ 36,000 and $ 41,000. He said:
“So far they have been milestones.”
Mr. Teacher
According to AZCoin News
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