BTC’s Dip Below $30,000 Likely a Short-Term Correction, Says SynFutures CEO
Bitcoin’s recent dip below the $30,000 level should not be a cause for long-term concern, according to Rachel Lyn, CEO of decentralized exchange SynFutures. She noted that there is a lack of selling of $30,000 call options by bearish traders, suggesting that they do not see this level as significant resistance in the near future. Despite the dip, Lyn believes that the recent uptrend in BTC’s price makes this a short-term correction rather than a major setback. She pointed out that the $31,000 call option continues to attract high open interest, indicating that it remains a potent resistance level.
Key points:
– Lack of $30,000 call option selling suggests no significant resistance at that level
– Recent dip should be seen as a short-term correction
– $31,000 call option continues to attract high open interest, indicating resistance
– Options trading can be used to make leveraged bullish bets on the price
– Matrixport advises selling spot BTC and buying call options to optimize returns
In conclusion, while BTC’s price has dipped below $30,000, the lack of significant resistance at this level and the continued interest in the $31,000 call option suggest that this is likely just a short-term correction. It is important to consider the recent uptrend in BTC’s price and not panic over temporary fluctuations.
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