For cryptocurrency investors, today held the weight of any other significant Friday, with substantial option contracts closing. With over $15 billion in options maturing early on, hopes for anticipated price movements in cryptocurrencies fueled by open positions dwindled. Investors optimistic about a move towards the $100K range found their expectations unmet due to an indifferent spot market.
Closure of BTC Options
Today, issues at CME surfaced, with plans to return fully operational by 16:30. However, the anticipated $15.4 billion worth of options for BTC expired. A graph summarizing the current situation was shared.
“Options worth $15.4 billion just expired. BTC: P/C 0.58, max pain at $100,000 – a call-heavy structure and positioning are clearer post-expiry. As this expires, without new catalysts, early December seems set to be more subdued.”
With waning interest in larger peaks in the year-end options market, movements will now depend on news flow and speculative buyers or sellers. December 10 will mark the Fed’s interest rate decision, while Japan’s decision will follow on December 19. As December approaches, discussions may center around potential rate hikes by Japan and the Fed’s response. If the Fed’s moves align with Japan’s actions, it may aid in a market rally. Conversely, if the Fed takes a lesser stance, the decision could trigger negative movements in cryptocurrencies. This is the general expectation for crypto in December.
BTC Charts and Market Outlook
BTC has not yet breached the targeted $93K threshold, managing to test $92K without further developments. A move to six-figure prices is anticipated upon surpassing the marked key area. At the time of writing, BTC stands at $91,500.
Further analysis was provided:
“Bitcoin is consolidating below the $91-93K resistance level and performing well. The short-term trend continues upwards, and today’s developments will be interesting to watch. The U.S. markets will briefly reopen from 9:30-13:00 EST. Breaking through the resistance during this window would be ideal.”