{"id":18741,"date":"2024-11-20T10:18:09","date_gmt":"2024-11-20T08:18:09","guid":{"rendered":"https:\/\/forklog.com\/en\/bitcoin-nears-record-high-of-94000-amid-btc-etf-options-launch\/"},"modified":"2024-11-20T10:18:09","modified_gmt":"2024-11-20T08:18:09","slug":"bitcoin-nears-record-high-of-94000-amid-btc-etf-options-launch","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-nears-record-high-of-94000-amid-btc-etf-options-launch\/","title":{"rendered":"Bitcoin Nears Record High of $94,000 Amid BTC-ETF Options Launch"},"content":{"rendered":"<p>On the evening of November 19, the price of the leading cryptocurrency reached a new all-time high, surpassing $93,900. The excitement surrounding the launch of options trading on BlackRock&#8217;s spot Bitcoin ETF may have been the catalyst.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/1-1309.webp\" alt=\"1-1309\" class=\"wp-image-245596\"\/><figcaption class=\"wp-element-caption\">Hourly chart of BTC\/USDT on Binance. Data:\u00a0<a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\" target=\"_blank\" rel=\"noreferrer noopener\">TradingView<\/a>.<\/figcaption><\/figure>\n<p>At the time of writing, the asset is trading at $92,400. The daily decline rate<a href=\"https:\/\/www.coingecko.com\/\"> has decreased to 0.2%<\/a>.<\/p>\n<p>Bloomberg analyst James Seyffart noted that on the debut day, market participants opened 289,000 calls and 65,000 puts on the BTC-ETF, totaling $1.9 billion. The ratio of 4.4 to 1 explains the price&#8217;s drive towards the <span data-descr=\"all-time high\" class=\"old_tooltip\">ATH<\/span>, he pointed out.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">UPDATE: Final tally of <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$IBIT<\/a>&#8216;s 1st day of options is just shy of $1.9 billion in notional exposure traded via 354k contracts. 289k were Calls &#038; 65k were Puts. That&#8217;s a ratio of 4.4:1. These options were almost certainly part of the move to the new <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> all time highs today <a href=\"https:\/\/t.co\/IN3s9hajJ2\">pic.twitter.com\/IN3s9hajJ2<\/a><\/p>\n<p>\u2014 James Seyffart (@JSeyff) <a href=\"https:\/\/twitter.com\/JSeyff\/status\/1858991206476509659?ref_src=twsrc%5Etfw\">November 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The rise in prices may have been amplified by the liquidation of short positions. Over the past day, their volume amounted to $47.6 million, according to<a href=\"https:\/\/www.coinglass.com\/LiquidationData\"> Coinglass<\/a>.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/2-949.webp\" alt=\"2-949\" class=\"wp-image-245597\"\/><figcaption class=\"wp-element-caption\">Data: Coinglass.<\/figcaption><\/figure>\n<p>Earlier in the day, information emerged about MicroStrategy&#8217;s plans to issue five-year senior convertible bonds worth $1.75 billion to purchase bitcoins.<\/p>\n<p>The cryptocurrency fear and greed index reached a level of 83, indicating a state of extreme greed among market participants.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/u1f987.com\/wp-content\/uploads\/3-530.webp\" alt=\"3-530\" class=\"wp-image-245598\"\/><figcaption class=\"wp-element-caption\">Data:\u00a0<a href=\"http:\/\/alternative.me\/\" target=\"_blank\" rel=\"noreferrer noopener\">alternative.me<\/a>.<\/figcaption><\/figure>\n<p>Analyst Jesse Colombo highlighted Bitcoin&#8217;s breakout from a triangle pattern on the four-hour timeframe. If this breakout holds, the expert anticipates further movement towards $100,000.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bitcoin is now breaking out of its triangle\/pennant pattern on the 4-hour intraday chart.<\/p>\n<p>Assuming this breakout holds, it should run to $100,000+ fairly quickly.<a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/search?q=%24IBIT&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$IBIT<\/a> <a href=\"https:\/\/t.co\/kx5GzNDh3U\">pic.twitter.com\/kx5GzNDh3U<\/a><\/p>\n<p>\u2014 Jesse Colombo (@TheBubbleBubble) <a href=\"https:\/\/twitter.com\/TheBubbleBubble\/status\/1858938135477944751?ref_src=twsrc%5Etfw\">November 19, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Previously, Bernstein identified catalysts for Bitcoin&#8217;s rise to $200,000 by 2025.<\/p>\n<p>Similarly, BCA Research has set the same target for Bitcoin in the current cycle.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the evening of November 19, the price of the leading cryptocurrency reached a new all-time high, surpassing $93,900. The excitement surrounding the launch of options trading on BlackRock&#8217;s spot Bitcoin ETF may have been the catalyst. Hourly chart of BTC\/USDT on Binance. Data:\u00a0TradingView. At the time of writing, the asset is trading at $92,400. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":18740,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1168,1145,1150],"class_list":["post-18741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-crypto-derivatives","tag-market-analysis","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=18741"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/18741\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/18740"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=18741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=18741"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=18741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}