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BTC traders purchase protective put options in response to Monday’s 5% decline.
The Coinbase premium indicator highlights a decline in demand for Bitcoin in the U.S. market.
The daily chart reveals a bearish RSI divergence, signaling potential weakness in price momentum.
A bitcoin-led crypto market correction continued into its third day as the asset lost a further 3.5% in the past 24 hours.
However, bitcoin tends to bounce back when short-term holders sell at a loss. And some say this creates a buying opportunity for traders at current levels.
It’s a ride that some expect to be packed with market volatility.
November’s expiry is due Friday at 08:00 UTC, with $9.4 billion in options expiry for bitcoin.
Bitcoin’s max pain price is $78,000, significantly lower than the current spot price.
The majority of the put open interest represent hedging activity and not outright downside bets: European Head of Research at Bitwise – Dragosch.
Bernstein raised its MicroStrategy price target to $600 from $290.
Broker Canaccord also increased its price target for the software company, to $510 from $300.
The shares rose over 6% in early trading Monday.
Early 2000s-style internet shock videos are making the rounds on a popular crypto platform, with such content including extreme acts like individuals engaging in self-harm, animal cruelty, and explicit sexual content to attract attention and potentially increase token value.
Despite the platform’s moderation efforts, some of this content surfaces in the public view.
The crypto community, particularly on X, has largely criticized the use of shock content to promote tokens. Most tokens associated with such dark themes struggle to achieve significant market capitalization, indicating poor reception by investors.
Dogecoin has a history of moving on Musk comments or payments-related developments of his companies.
Intelligent Alpha’s investment committee is composed of three AIs, and the fund’s CEO tries to stay out of their way.
The latest price moves in bitcoin (BTC) and crypto markets in context for November 22, 2024. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets.
On-chain activity shows the involvement of large investors and institutions, indicating that the price surge could have staying power.
Strength in BTC is leading to a rotation in other major tokens ahead of the weekend, buoyed by renewed bullish hopes about a crypto-friendly Trump administration that takes office in January.