Bitcoin Options Market Sees Higher Possibility of BTC Hitting $10k in Late December

  • 2000 BTC amounting to over $15 million moved from Huobi exchange to Bittrex
  • Bitcoin needs to close above $8,200 to be bullish while a close below $7,600 is bearish
  • Bitcoin trading volumes hit highest levels in a year

In a whale event, 2000 BTC amounting to over $15 million have been moved from Huobi exchange to Bittrex.

Coming onto the price, till now, June is turning out to be a month of range as Bitcoin fails to make a move above $8,000. The highest level BTC saw this month is just below $8,100.

According to crypto investor and trader, Josh Rager, the new resistance to look at is $8,017. If we make it to this level, Bitcoin has a chance to push up and close above $8,200 which would bring back the bulls that will take the flagship cryptocurrency to $8,550.

On the other hand, a close below $7,600 level, he says is bearish on the 4-hour chart. Meanwhile, mid-channel is currently holding as support.

At the time of writing, BTC/USD has been trading at $7,765 with 24 hours loss of 1.99 percent. But soon we could make our way to $10,000. According to Skew Markets, options market sees Bitcoin climbing above $10,000 by late December.

Options are financial instruments that are based on underlying securities such as stocks or in this case Bitcoin or are derivatives. An options contract offers a buyer an opportunity to buy or sell the underlying asset. Unlike futures, here the holder is not required to buy or sell the asset if one chooses not to.

Each option contract has a specific expiration date by which the holder must exercise their option.

Bitcoin Still Making Higher Lows

While in 2019 Bitcoin keep on making new highs in 2019, throughout its life, the world’s top cryptocurrency is aiming higher lows every year as well.

From $4 in 2012, in 2013 BTC’s low went into two digits at $65 and then in three digits the very next year at $200. Though 2015 turned out to be an exception as the lower lows dropped to $185 only to get back $365 next year and then $780 in 2017.

During the brutal winter of 2018 that saw flagship cryptocurrency dropped 84 percent, Bitcoin yearly low went into three digits at $3,150.

Bitcoin Trading Volume Hits Highest Levels in a Year

Over the last two months, we saw Bitcoin going through a monster rally as we moved from $4,000 to just $9,100 level. This resurgence in the cryptocurrency’s price brought with it accelerated trading activity.

TradeBlock, in its market analysis, reported that over these last two months, trading volumes at spot exchanges saw a “considerable uptick.”

As a matter of fact, bitcoin trading volumes reached their highest levels since May 2018 across the six largest US digital currency exchanges viz. Coinbase, Kraken, Bitstamp, itBit, Gemini, Bittrex.

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