Market Wrap: Bitcoin Slips to $12.8K; Ether Options Traders Prefer Calls

Major markets are in the red today, including bitcoin. Ether options traders have favored calls over the past month.

  • Bitcoin trading around $13,184 as of 20:00 UTC (4 p.m. ET). Slipping 3.6% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $12,894-$13,831
  • BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.

btcoct28

Bitcoin trading on Bitstamp since Oct. 26.
Source: TradingView

The price of bitcoin slipped Wednesday, going as low as $12,894 around 14:00 UTC (10 a.m. ET), according to CoinDesk 20 data. Prices have picked up a bit since then, at $13,184 as of press time.

Read More: Bitcoin Price Slips Below $13K as Stocks Slide

Katie Stockton, a technical analyst for research firm Fairlead Strategies, said Wednesday was a “risk-off” day where investors were shedding what they consider higher-risk assets, including cryptocurrencies. Bitcoin is seeing a retracement of its strong up move as risk assets trade off sharply,” Stockton told CoinDesk. Risk assets, which include global equities, slipped Wednesday.

Bitcoin’s strong move up Tuesday approached 2019’s high before losing steam. Stockton said that despite Wednesday’s respite, bitcoin still has a strong chance to pass 2019’s price zenith. “The recent breakout above the August high lends a bullish intermediate-term bias,” she added. “Uncertainty is taking its toll on the markets, but we think it will be short-lived.”

btcsince2019oct28

Daily bitcoin trading on Bitstamp since 2019.
Source: TradingView

Neil Van Huis, director of institutional trading at liquidity provider Blockfills, noted bitcoin’s mining hashrate has dropped to levels not seen since June. Older, inefficient machines are being turned off, which he sees as a huge opportunity to invest in newer mining rigs at these price levels.

btchashrateoct28

Bitcoin mining daily average hashrate. Dotted line at left is May 12 halving.
Source: Glassnode

“This is good for mining companies,” Van Huis said. “It also comes at a time when prices…

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