Data that will change the course in Bitcoin: Where will it take the price?

Aside from a small drop in the middle of the week, crypto markets have been relatively inactive and trading sideways over the past few days. However, about 18,280 Bitcoin options contract will expire on May 10, which may create some volatility. According to Deribit, the face value of BTC contracts expiring this week is about $1.15 billion.

The latest situation in Bitcoin options

The call/call ratio for this week's BTC options was recorded at 0.64. This development means that there are more buys or long contracts expiring than the short. Open interest (OI) is dominant, with around $700 million at $70,000 and $100,000 strike prices in Long positions.

According to Deribit, OI for contracts is also starting to rise at around $360 million at $50,000. Overall, the open interest for Bitcoin call options is more than double the OI for put options, indicating investor sentiment that tends rise.

Call options give you the right to acquisition the asset at a predetermined price on or before a certain date. In addition, firms such as QCP Capital and Paradigm have observed a revival of demand for upside call options, including buyers closing positions that expire in July and September.

What's going on in the Crypto market?

Crypto markets gained 2.1% on the day, reaching $2.45 trillion in total market capitalization. However, they have been accumulating around this level with little movement in either direction since mid-April.

Bitcoin fell below $61,000 on May 9 but rebounded to reach $63,000 in the Asian trading session on Friday morning. BTC has been trending fall since its all-time high in mid-March and has lost 15% since then. Ethereum prices hit an intraday low of $2,953 but have since recovered to reach $3,032.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making decisions.