Bitcoin (BTC) can still exceed USD 13,000 and up, as a series of „non-events“ still leave the bulls in a position of power. According to Coinmarketcap, Bitcoin’s market capitalization is currently USD 211,008,419,031.
Data from Coin360 and Cointelegraph Markets showed that the BTC/USD rose to USD 11,500 on August 28, as one analyst said the level is crucial to recovering profits to continue.
Cryptocurrency market daily snapshot, Aug. 28
BTC price: Closing at USD 11,500 extends „bullish re-accumulation
In an update to his telegram trading channel subscribers on Friday, filbfilb said that despite the previous day’s volatility, he remained long on BTC.
„In the context of the weekly chart, the USD 11,000 seems to be holding as support, but a close above the key support/resistance level at the USD 11,500 would be the immediate target to remain relatively comfortable in the overall upward reaccumulation idea,“ he summarized.
This concept has some prominent targets, the monthly pivot around USD 12,925, as well as the monthly resistance from 2019 which saw Bitcoin reach USD 13,870.
However, the signs were positive; filbfilb dismissed concerns about the Federal Reserve’s inflation talk and other pseudo-dark signals for Bitcoin.
„Yesterday I was in a long position for some major reasons,“ he explained.
„Negative futures premium, no lower close, absolute panic (on Twitter) and calls to 9,000, no break in general support and because the gold and silver price action that we have been strongly correlated with, was reversed before BTC continued dumping.
The speech itself described it as a „non-event“ that seemed to have already been priced in by the markets.
Read on: According to Coinmarketcap, Bitcoin’s market capitalization is currently USD
Future expires and „maximum pain
In the short term, only Friday’s futures settlement could mean a period of volatility to challenge the overall upswing.
„We have the August futures close today, which may result in volatility this afternoon, so watch for this afternoon’s action,“ Filbfilb added.
Futures settlement dates have historically added downward pressure to the Bitcoin markets, but recent option maturities have failed to move the market, despite the high anticipation of volatility.
In a tweet, derivatives platform Deribit confirmed that 50,900 BTC (USD 580 million) and 291,000 Ether (USD 113.5 million) in open interest expired on Friday. Between USD 11,000 and USD 11,500 is the „maximum pain“ for option traders, as this is the area where options have the least intrinsic value.
„This flow is a bit against what has been seen recently, suggesting some nervous comments on option activity.
Meanwhile, futures „gaps“ are the focus of informal price betting among this month’s traders and hodlers. A „gap“ occurs when a futures trading session begins in a different location than the one that left the previous one, and Crypto Wealth tends to move to „fill“ the resulting gap.
As reported by Cointelegraph, there is currently a gap of $9,700 and a smaller gap of $16,000, despite having been in place for several years, are likely areas of interest for traders.