Bitcoin Price Searches For Directions 
Press Release

Bitcoin Price Searches For Directions 

written by John Murphy | March 2, 2023

The latest Bitcoin Price Searches rate moving back and forth by BTC is examined to be the result of the stance of the Federal Reserve on U.S. inflation and central pressure. 

It is to be noted that the Bitcoin bulls have placed the mass of their options from $24,500 and higher for the options expiry that is to take place on 3rd March. Moreover, as BTC is giving us glimpses of its bullishness, who is there to blame them? 

The Bitcoin Price Searches were noticed to be peddled above $25,000 which shows that the gain has increased by 18% in eight days, disclosed on Feb 21. However, sadly, the central pressure applied to the crypto sector has increased vaguely. 

As an example, the Exchange Commission Chair Gary Gensler and the U.S. Securities have professed that everything other than Bitcoin is going to fall under the jurisdiction of the agency, announced on Feb 23. 

Gensler further uttered that many of the projects related to crypto are ‘securities because there is a group in the middle and the public is foreseeing that the groups are the base of the profits.’ 

Bulls were ‘rug pulled’ by negative regulatory remarks 

Bitcoin Price Searches

On the other hand, the options expiry that will occur on March 3rd have an open interest which is $710 million, though the authentic sum will be lesser than this considering the bulls are becoming overconfident afterward the trading of Bitcoin for more than $25,000 disclosed on 21st of February.  

Bears have set their trap below $23,000  

Apart from this, four probabilities can occur due to the modern price action. These options of contracts will be launched on the 3rd of March for put and call. These possibilities are:  

  • Amidst $22,000 and $22,500: 6,200 puts versus 700 calls. The result of the net is in favor of put instruments alongside $120 million. 
  • Amidst $22,500 and $23,000: 4,800 puts verses 1,000 calls. The result is in favor again of the put instruments by $85 million. 
  • Amidst $23,000 and $24,000: 1,800 pulls versus 2,100 calls. The result is a tie between both of them. 
  • Amidst $24,000 and $25,000: 400 puts verses 4,900 calls. The result favors call instruments by $110 million. 

This basic and approximate is considered to be the call options that are going to be used in the bullish bets and the put options will be entirely in neutral-to-bearish trades.  

Could weak U.S. Mortgage Applications Benefit BTC Bulls? 

Lastly, on March 3, it will be essential for the bulls of Bitcoin to dive the price above $24,000 in order to fix a potential $110 million profit. Nonetheless, the Mortgage Bankers Association declared on March 1 that this may turn up the tide in favor of BTC. 

Furthermore, the mortgage application’s weekly volume has revealed that they have opposed alongside 44% versus the identical period that took place in 2022 which hit the bottom of the barrel in the last 28 years.