The bitcoin price consolidated after failing to clear above $43,380. Following the FOMC meeting, investors’ confidence in riskier and more unpredictable assets became more apparent. The present market upsurge was probably sparked by the most recent statement from the U.S. Federal Reserve, which signalled the third consecutive time interest rates were kept steady.
Many Ethereum and Bitcoin option contracts are approaching their expiration dates; thus, the cryptocurrency market is very nervous. The expiration date of nearly 37,000 Bitcoin option contracts is December 15th. This batch is less than the massive choices expiring at the month’s conclusion, but it’s an improvement from last week’s expiration event.
The notional value of the present Bitcoin contract batch is $1.58 billion. The put/call ratio is also 1.02, indicating that sellers are evenly distributed between short-term and long-term put options.
Remember that the implied volatility (IV) has stayed relatively consistent for nearly a month. This suggests that traders and investors are not anticipating significant shifts in direction shortly.
According to statistics from CoinMarketCap, Bitcoin is trading at $42,881, representing a decrease of 0.05% over the past 24 hours. In addition, there has been a 2.70 per cent increase in the trade volume. Price action has been relatively flat following substantial resistance near the $43,380 level.
The $43,680 barrier level is a probable next stop for the Bitcoin price if it breaks out of the $43,380 range. Nevertheless, a further drop to the $40,010 support level is possible if prices exceed the $40,300 mark.