It is believed that Bitcoin price movement is based on changes in spot trading. Perhaps the market derivatives also has a huge impact onthe behavior of the price of the main cryptocurrency. In this regard, after the last BTC rally, it is necessary to take a look at the current state of affairs in the cryptocurrency derivatives market.
Call contracts in the bitcoin derivatives market are associated with demand for price increases, put contracts insure against price drops. Naturally, during such price spikes, call contracts dominate the market.
On August 1, the put / call ratio fell to8 month low. This ratio was last so low in December 2020. Low put / call ratios indicate that bitcoin investors are supporting the rise in prices. This demand is higher than what we saw in April, just before BTC skyrocketed to $ 60,000.
Also, Strike's Bitcoin Options OI Indexshowed that there are much more contracts for calls than for puts, in particular, in the range from $ 45,000 to $ 55,000. The price of BTC is now in the region of $ 40,000. Consequently, lower levels of the above range can be reached by the end of August. if Bitcoin continues north.
Despite the decrease in daily volumes, “Openinterest in futures "(Futures Open Interest) has reached a new level. Except for the spike seen on July 25, open interest was at a 75-day high on August 1. This is more than a sign, especially since a higher open interest in bitcoin futures will attract more participants to the crypto market. It could also support a bullish rally in the charts.
Finally, the likelihood index, which emphasizedthe likelihood of Bitcoin hitting certain price levels was very favorable for the $ 42K to $ 55K range. According to the indicator, there is a 37% chance that BTC will reach 44 thousand dollars, 33% - 45 thousand dollars, 30% - 46 thousand. Moreover, the overall probability that the king's coin will be worth between $ 50,000 and $ 55,000 is 28.3%.
This means that many people expect Bitcoin to break the $ 44,000 resistance and strengthen the rally.
Thus, if these levels are reached, Bitcoin will continue its bullish rally.
Where is it more profitable to buy bitcoin? TOP-5 exchanges
For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.
Site reliability is primarily determined bytrading volume and number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.
Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?
Rating of cryptocurrency exchanges:
|1||Binance (Editor's Choice)||https://binance.com||9.7|
The criteria by which the rating is set in our rating of crypto-exchanges:
- Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
- Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
- Feedback and support - we analyze user reviews and the quality of technical support.
- Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
- Platform features - availability of additional features - futures, options, staking, etc.
- final grade - the average number of points for all indicators, determines the place in the rating.
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