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Bitcoin Today 11/01/2024: BTC suffers correction and fights fiercely in derivatives
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At the very end of “uptober”, the price of Bitcoin (BTC) had its first major correction after reaching US$70,000, but it was not enough to erase the month’s gains. According to CoinGecko, the cryptocurrency closed the month with an increase of 10.76% and remained above US$70,000.
Strong selling pressure occurred in the last 24 hours, causing the price, which was at around US$72,000, to fall by 3%. This result shows that traders continue to seek consolidation in this new price area.
With the monthly gains, October became the fourth most profitable month for BTC in 2024 and had the best performance since May. On the other hand, Ethereum (ETH) did not have the same success, as its price closed the month down 3.4%, the first time that ETH has recorded a drop in October since 2018.
This Friday (01), the options market should move Bitcoin prices. The closing of around 28,000 options indicates that there is still a strong battle between buyers and sellers.
Analysts recommend caution with Bitcoin
During the last 24 hours, Bitcoin saw a maximum drop of 4.11% and fell to lows of US$69,320. This strong volatility reinforces Bitcoin options data, which shows a tough fight between buyers and sellers.
This correction spread across most of the Top 100 cryptocurrencies, which opened the day with a sharp decline. The biggest losses were with IMX, which fell 13.4% and WIF, whose price lost 9.1%.
According to popular analyst IncomeSharks, even if the daily chart brings an optimistic outlook, BTC could fall as low as $66,000. Its most optimistic prediction is a drop to $68,000 – in both cases, BTC would find new support before appreciating again.
Another popular cryptocurrency analyst, Benjamin Cowen, believes that it is too early to celebrate BTC’s rise. Instead, the trader prefers to wait:
“The labor market data will be released tomorrow (01). It should be the deciding factor for BTC’s cyclical view versus monetary policy view for the rest of Q4. I think it should be apparent at the weekly close, which is the most likely outcome,” Cowen said.
Starting Friday, a total of 28,000 Bitcoin options will expire, giving a total of nearly $2 billion. According to data from Deribit, the put-call ratio is 0.92 and a maximum pain point of $69,000.
Bitcoin Today 11/01/2024: BTC suffers correction and fights fiercely in derivatives
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Bitcoin Today 11/01/2024: BTC suffers correction and fights fiercely in derivatives
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Bitcoin Today 11/01/2024: BTC suffers correction and fights fiercely in derivatives
