Bitcoin’s price is turning bullish as ether options traders accumulate half a million of ETH options for December expiration.
- Bitcoin trading around $13,519 as of 20:00 UTC (4 p.m. ET). Gaining 2.6% over the previous 24 hours.
- Bitcoin’s 24-hour range: $13,105-$13,649
- BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.
The price of bitcoin moved upward Thursday, going as high as $13,649, according to CoinDesk 20 data, and settling around $13,519 as of press time.
Often when other asset classes like stocks sell off, as they did on Wednesday, bitcoin drops. “It would not be the first time bitcoin’s price action falls in line with traditional markets as a general sell-off occurs,” said John Willock, CEO of Tritium. “However, it is also totally reasonable for BTC to experience this level of pullback.”
Yet, on Thursday equities fared better, particularly in the United States.
Constantin Kogan, a partner at crypto fund-of-funds BitBull Capital, sees no reason why the world’s oldest cryptocurrency can’t go higher in the near term. “Bitcoin is heading for $13,800 resistance and 2019 all-time highs,” Kogan told CoinDesk. “It might break $13,800.”
Taking a look at the bitcoin futures market, open interest has picked up, going to levels not seen since August.
“We are almost at new highs for open interest for all BTC futures – $5.4 billion right now,” noted Jason Lau, chief operating officer for San Francisco-based cryptocurrency exchange OKCoin. “With many new positions being opened, it suggests the market is still bullish at these prices,” Lau added.