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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Shakes Off the Bears and Aims for $20,000 By End Of Year, Can It Make It?

Reynaldo Marquez
Reynaldo Marquez
2 years ago
3 mins read
Bitcoin BTC BTCUSDT Crypto

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Bitcoin remains rangebound, hovering around its yearly lows, with some short timeframe bullish momentum. The cryptocurrency suffered amid the FTX’s collapse and the subsequent contagion, but market participants seem more optimistic about potential profits. 

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As of this writing, Bitcoin has retraced back to yesterday’s highs. The BTC’s price is trading at $16,500 with sideways movement across the board. Other cryptocurrencies in the top 10 by market cap display similar price action. XRP remains the best-performing asset on the ranking. 

Bitcoin BTC BTCUSDT
BTC’s price moving sideways on the daily chart. Source: BTCUSDT Tradingview

Bitcoin Sentiment Improves On The Derivatives Sector

Data from the Options platform Deribit indicates that the shift in sentiment impacts this sector. The FTX collapse and the uncertainty around other crypto companies, such as Digital Currency Group (DCG) and crypto lender Genesis, kept the market on its toes.

The latter company halted the withdrawal requests from its customers, and it’s looking to raise emergency capital to resume operations. According to the rumors that circulated last week, Genesis’s parent company DCG might be affected. 

The company denied the speculations and reaffirmed its long-term intentions to stay in the industry. As a result, the crypto market bounced as investors’ confidence improved. In addition, the U.S. Federal Reserve is hinting at a potential pivot. 

These two elements support the bullish momentum. Deribit noted that bulls took advantage of last week’s downside price action to accumulate Calls (buy orders) on the cheap. 

Optimistic investors are acquiring calls with strike prices above $17,000, $18,000, and $19,000 into December. In other words, the options market is betting on Bitcoin, trending higher by the end of the year. 

Deribit noted the following on Implied Volatility (IV), a metric affected by recent events. The metric is returning to normal levels hinting at the market finally absorbing any risk associated with FTX: However, options with close expiration dates (December 2th) might decay in value due to the low trading volume weekend. 

(…) the news flow reprieve has also allowed implied vol to retrace from a high-tension backwardation a few days ago, to a more normal contango term structure.

Bitcoin BTC BTCUSDT Chart 2
BTC Options’ implied volatility declines after the FTX collapse. Source: Deribit

A Christmas Miracle?

In the last 24 hours, the options trading venue noted, bearish investors have been offloading some of their sell (put) contracts. These investors are betting on Bitcoin going lower than $10,000. There is still some bearish activity targeting the end of 2022. 

However, these investors might be hedging long spot positions and shielding themselves from potential unexpected events. The current state of the crypto market and the possibility of more contagion make this strategy favorable for long-term investors. 

Additional data provided by Deribit indicates that the sector has almost $5 billion in total Open Interest (OI). The majority of this metric seems positioned to the upside. 

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Survey Suggests Institutional Investors Still Interested In Crypto

Survey Suggests Institutional Investors Still Interested In Crypto

2 years ago

For the December 30th expiry, bullish investors are betting at Bitcoin surpassing $30,000. The max pain scenario, where most options expired worthless, stands at $20,000. 

Bitcoin BTC BTCUSDT Chart 3
BTC Options’ Open Interest for the December 30th expiry. Source: Deribit
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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