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Bitcoin Today 01/03/2025: BTC starts the year up almost 4% and XRP soars 11%
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The cryptocurrency market is trying to start 2025 with growth, accumulating a 4% appreciation since the beginning of the year. However, as occurred at the end of December, market growth is stagnant, with the market value of cryptos still close to US$3.41 trillion.
The main cause of this pause is the market reversal observed in the US and Chinese stock markets, affecting the optimism of many investors.
In the midst of this scenario, the lack of trading volume indicates a waiting stance among market participants, who are looking for new opportunities. However, support around US$3.20 trillion suggests that the recent pullback is just a correction and not a significant trend reversal.
Bitcoin (BTC) fell 3.5% in December, reaching US$93,600, but showed a significant appreciation of 120% in 2024, after an increase of 158% in the previous year.
Technical expectations for Bitcoin
This performance made the cryptocurrency stand out as one of the most profitable assets of the last year, despite the recent falls in the stock markets.
In terms of seasonality, January is generally a positive month for BTC. In the last 14 years, Bitcoin has closed the month with a rise on seven occasions, with an average growth of 22.5%.
In comparison, the average declines over the same period were 14.6%. Technically, Bitcoin has been trying to recover after a test of the 61.8% level of the November high, and a solid breakout above $97,000 could open the way to new highs, possibly above $110,000.
However, the market is alert to the possibility of an increase in selling, especially as selling pressures in equity markets strengthen. Furthermore, Bitcoin options contracts expiring todayJanuary 3, could put additional pressure on the price of the cryptocurrency.
About 20,000 Bitcoin options contractsaccording to data from Deribit, with a notional value of US$1.93 billionare about to expire today. Although this event is of a smaller magnitude compared to the contract expiration at the end of last year, it could still impact markets.
The reason for this is the proportion of purchase contracts (call)which exceed short positions (put) with a ratio of 0.68. Most of the opening of interest is concentrated in the exercise prices of $120,000 and $110,000with values of US$1.4 billion and US$1.3 billionrespectively.
Bitcoin Today 01/03/2025: BTC starts the year up almost 4% and XRP soars 11%
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Bitcoin Today 01/03/2025: BTC starts the year up almost 4% and XRP soars 11%
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Bitcoin Today 01/03/2025: BTC starts the year up almost 4% and XRP soars 11%
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Bitcoin Today 01/03/2025: BTC starts the year up almost 4% and XRP soars 11%
