Originally published on: November 22, 2024
As Bitcoin continues its march towards the coveted $100,000 mark, investors remained cautious leading up to a near $2.7 billion options expiry on Friday. Despite concerns of a potential correction below $85,000, Bitcoin showed resilience and maintained its upward momentum.
The expiration of over $2.6 billion worth of Bitcoin options contracts on November 22 did not deter Bitcoin’s rally, with the cryptocurrency reaching an all-time high of $99,523 just before the expiry. While a slight dip followed, Bitcoin currently stands at $97,805, indicating a strong bullish sentiment in the market.
According to Blake Player, head of growth at VALR, the expiration of the significant options contracts is unlikely to have a drastic impact on Bitcoin’s rally. In fact, decreasing leverage in the crypto markets could be beneficial for Bitcoin’s long-term growth.
Stablecoin flows to crypto exchanges hit a record monthly high of over $9.7 billion on November 22, signaling positive price trajectory for Bitcoin in the coming months. Analysts are optimistic about Bitcoin breaching the $100,000 mark before the end of November, with the positive inflows into US spot Bitcoin exchange-traded funds further fueling the rally.
With Bitcoin printing a record monthly candle of over 40% and showing bullish momentum, experts believe that the cryptocurrency could continue its climb towards $110,000 in the long term. While timing Bitcoin’s next big move remains a challenge, investors are looking towards a positive end to 2021 for the leading cryptocurrency.
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