On Friday, $14 billion worth of Bitcoin options open interest will expire.
He pointed out that the ratio of put options to call options for this batch of expiring contracts is 0.69, meaning for every 10 call options, there are 7 put options. This indicates that there is a certain level of concern about downward movement in the market.
At the same time, the number of contracts expiring this time (146,000 contracts) is also considerable, double the number of contracts expiring in March 2025 (73,000 contracts).
Striiers further explains that the expiring contracts account for 44% of the total open interest in Bitcoin options, with a total amount of $32 billion.
Deribit exchange expects that over $4 billion in contracts will expire, which is bound to trigger a large amount of trading activity.
Deribit volatility index (DVOL) has recently experienced significant fluctuations. Striiers points out that this indicates a substantial divergence among traders regarding the future direction of the market.
Striiers emphasizes: 'The previously dominant bullish momentum is weakening, and the market is currently in a state of high-leverage bullishness. If a significant drop occurs, it could trigger a rapid backlash. Everyone's eyes will be focused on the upcoming options contract expiration date, as it may set the tone for market trends in 2025.'
Bitcoin Technical Analysis
Bitcoin price has confirmed a breakout above $95,195, and the daily candlestick closed below this level, enhancing expectations for a continued dominant bearish correction in the next few trading days, with target price levels of $90,750, followed by $87,055.
The bearish wave suggested by the intraday bearish channel organization is well supported by the EMA50. It is noted that breaking below $95,195 and then probing $96,555 will prevent a negative scenario and guide the price to attempt to restore the main bullish trend again.
The expected trading range on Tuesday is between the support level of $91,000 and the resistance level of $96,000.
The trend prediction is bearish.
The altcoin season is gradually heating up, Bitcoin prices are declining, while altcoins have not fallen in sync. This phenomenon sends a clear signal. Currently, altcoins show a trend of not being able to drop further, and some mainstream coins are gradually rising back to previous highs, making popular coins worth paying attention to and strategically allocating at the right time.
The current market is still in a bull phase, and what we are experiencing now is a regular adjustment within a bull market. If the overall market rises while some altcoins stagnate or even begin to fall, it indicates that a short-term peak may be reached; conversely, if Bitcoin prices fall while other altcoins do not follow suit and even rise against the trend, it indicates that a short-term bottom may be reached. A new round of altcoin season is about to begin. The market will mainly showcase altcoins, and we can focus on going long on Grayscale. If the altcoin season arrives, all should rally, and Grayscale's favored coins will definitely outperform others because Grayscale is there to lift them.
Today, I want to highlight: ZEN and LPT.
These two coins are currently surging! On December 20th, I already led everyone to make a wave with ZEN, yielding a 71% profit! In this article (The Bull Top Is Still Far! The Altcoin Myth Has Emerged! Join the Coin Circle Exchange Group Without Barriers!!), I mentioned that after ZEN, Grayscale will buy LPT, and LPT will eventually rise like ZEN. Position yourself in LPT; it also has 50x potential! As expected, LPT soared, and my followers enjoyed another wave of substantial profits, feasting on the gains!
Grayscale has only two favored coins, one is ZEN and the other is LPT. In the short term, I will only heavily promote these two coins and mindlessly go long on Grayscale. First, pump ZEN, then pump LPT. A spiral rise; for those who are cautious, they can position in LINK.
link:
The main upward trend of Grayscale's holdings has not changed, and it continues towards an upward trend. During this process, a shoulder-top pattern has appeared, which is usually a false pattern in mid-uptrend, used as a trap!
