Despite the recent negative impact from the macroeconomic environment and bankruptcies, cryptocurrencies have managed to rise since the beginning of 2023. This all started when the world's first cryptocurrency, Bitcoin entered the recovery phase when 2023 began. This recovery phase was followed by Ethereum and other major altcoins which has pushed the global crypto market capitalization above $1 trillion now.
At the time of reporting, Bitcoin is hovering around $23,042 with an increase of 0.15% in the last 24 hours.
Also the trading desk QCP Capital, which is an analytical platform, states that in the last week, Bitcoin has been trading in a bullish pattern. According to the analysis, this positive pattern is affecting options trading and points towards a selling bias.
Put bias is nothing more than a phenomenon where put options are higher and calls are lower and the price difference in the options is called bias. Here put options are higher than call options because investors hold some of their bullish positions.
Cryptomarket in a crucial face
On the contrary, a well-known cryptanalyst, Michael van de Poppe, portrays a bearish stance towards Bitcoin. The analyst claims that Bitcoin is ready to break out and reach a target of $24K. However, Van de Poppe then predicts that Bitcoin will slide towards $22K and test $20,000 levels.
Also, the trading desk says that traders are going long in the spot market, which suggests the fear of missing out is coming in. This also means that most traders are focusing on price, leading to high delta call buying.
Furthermore, QCP analysis suggests a turn in the current bull market after the CPI report is released, which is scheduled for February 14, 2023. Therefore, the coming week plays an important role for the future crypto market. .
