Bitcoin Bulls Take Control Ahead of $6bn Options Expiry; What to Expect?

Mar 26, 2021 | Bitcoinist News | 0 comments


Bitcoin retained its intraday bullish bias Friday just ahead of its $6 billion options expiry.

In retrospect, options are contracts that give traders the right to purchase or sell an asset at a specified price before a certain expiration date. Data on shows that there is over 100,000 BTC worth of options set to expire on Friday, March 26, across multiple cryptocurrency exchanges.

As bears and bulls battle one another to claim their’s preferable strike rate, the bitcoin spot market expects to undergo major price swings. And that is happening already ahead of the London opening bell.


…surged 4.9 percent to $53,524 (data from Coinbase) after falling to nearly $50,000 in the previous trading session. The cryptocurrency’s move went against the odds of extended downside declines to match the put options’ strike price, which is near $47,500 and $40,000. Meanwhile, a majority of call options expiring this Friday eyed the $55,000-60,000 range.

The general call-to-put ratio showed bulls in control, with bets over a bitcoin price rise will leaning 11 percent higher than those with a negative price outlook. That increased the likelihood of the BTC/USD spot rate hitting $55,000, the second-most favorable strike price among bulls.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin eyes a recovery towards $55,000. Source:

The Bitcoin options market propelled the spot one higher, similarly after the January contract expiration. The month saw $4 billion worth of record options expiring, with a bullish call-to-put ratio outlook. The bitcoin price surged by more than 100 percent after that.

Options open interest has also soared this year, rising from $5 billion at the beginning of this year to about $14 billion at press time.

Technical Confluence

Bitcoin’s daily timeframe technical indicators also showed a higher probability of price hitting $55,000, albeit without providing a concrete deadline.

Bitcoin, cryptocurrency, BTCUSD, BTCUSDT

Bitcoin hints at a bullish flag formation. Source: BTCUSD on

The cryptocurrency consolidates lower in a falling channel that appears like a Bull Flag. In retrospect, bull flags appear during strong uptrends as a period of consolidation, hinting further moves higher should the price break bull off their upper trendline resistance. Bitcoin is approaching the upper resistance trendline, which roughly sits inside the $55,000-56,000 area.

Conversely, if the price swings in favor of bears, it could risk invalidating the Bull Flag with a break below its support trendline. Then, the prospect of Bitcoin hitting $47,500 would become higher on Friday.

Photo by Delphine Ducaruge on Unsplash 

News Source from

Related Articles

Nigeria Devalues Currency as Central Bank Moves to Unify Exchange Rates

Nigeria Devalues Currency as Central Bank Moves to Unify Exchange Rates

In a possible policy shift, the Central Bank of Nigeria (CBN) recently allowed the local naira currency to briefly drop to a new low of USD$1 for 419.75 nairas on May 14, 2021. However, by close of business the naira had recovered and was trading around 411.25. Before...

Mapping out Genesis Block Ventures’ portfolio

Mapping out Genesis Block Ventures’ portfolio

Quick Take Based in Hong Kong, Genesis Block was founded in 2017 by Wincent Hung and Clement Lp. Aside from operating a proprietary trading desk and offering market making, the firm formed Genesis Block Ventures (GBV), a separate entity that provides investment to the...

All hail the Shiba? Rise of Dogecoin pretenders fueled by meme frenzy

All hail the Shiba? Rise of Dogecoin pretenders fueled by meme frenzy

Shiba Inu joins in at the top of the dog meme coin phenomenon as Musk announces developer support for Dogecoin. Shiba Inu (SHIB) has been the talk of the cryptoverse and mainstream media recently. It is a meme coin themed around the Shibu Inu dog, a Japanese dog breed...

Pin It on Pinterest

Share This