Introducing the US Morning Crypto News Briefing, a comprehensive summary of the most significant crypto developments expected for the day. Get your coffee ready to delve into the analysis of Bitcoin's price outlook and the current sentiment in the options market, particularly considering the monthly options that expired on the last Friday of April at 8:00 UTC on Deribit.
Early into the Asian session, the expiration of over $8 billion in Bitcoin and Ethereum options occurred, with BTC options contracts amounting to over $7 billion. Of note is that Bitcoin was trading above its expected max pain price of $86,000, contrary to typical expiration behavior where prices usually move towards this level. Just before the options expired, Bitcoin was priced at $93,471, whereas it is now valued at $94,581.
Bitfinex analysts, consulted by BeInCrypto, shared an optimistic view of the market post-expiry. They anticipate further growth in Bitcoin's price after overcoming option-based resistance levels. The market sentiment is cautiously bullish, with decreased overhead resistance following the clearance of the $90,000 strike cluster. Moreover, traders have shifted exposure to higher strike prices, such as $95,000 and $100,000, indicating a positive outlook for Bitcoin's price in the short term.
Deribit analysts noted substantial open interest in BTC options around the $100,000 strike price, reflecting strong market expectations of Bitcoin hitting this milestone. Traders have been observed selling cash-secured put options on Bitcoin, using stablecoins to earn premiums while purchasing BTC at lower costs.
In terms of trading volume, the top Bitcoin options over the past 24 hours are call options with strike prices set at $95,000 and $100,000 ahead of the May 2 expiry date. Overall, the market is showing optimism towards Bitcoin's price gains, despite some caution advised by analysts due to potential resistance ahead. Institutional investors and market whales continue to accumulate BTC, emphasizing the ongoing bullish sentiment in the market.