Bitcoin Bounces Back to $26,500 as Network Activity Surges
The price of Bitcoin (BTC) has rebounded to $26,500 levels and has been holding steady. Despite the volatility caused by the FTX creditor liquidation news, Bitcoin has seen a healthy increase in network activity.
According to on-chain data provider Santiment, Bitcoin has maintained a five-month high level of unique address activity, with an average of 1.1 million BTC addresses actively sending and receiving coins daily. Furthermore, the recent 5% price surge over the past three days has led to a surge in profit-taking, reaching its highest point in two months today.
Popular crypto analyst Michael van de Poppe believes that Bitcoin may not experience a significant drop as expected. The launch of crypto custodial solutions by Deutsche Bank has also provided strong support to the market.
In this situation, it is crucial for the market to maintain levels between $25,600 and $25,900, as a breach below this range could trigger a cascade of stop-loss orders before significant price movements occur.
Analyzing Bitcoin Options Data
There are currently 22,000 BTC options nearing expiration, with a Put Call Ratio of 0.74. The maximum pain point is at $26,000, and the total value is $560 million according to data from Greeks Live.
Bitcoin has shown minimal intraday fluctuations recently, with notable fluctuations primarily occurring on Tuesdays. Token2049 has not seen many impactful news developments during this period.
As a result of these factors, BTC Call positions for this week’s delivery have experienced a significant decrease.
Hot Take: Bitcoin’s Resilience Amidst Volatility
Despite recent volatility, Bitcoin has managed to bounce back and maintain strong network activity. The surge in profit-taking and support from Deutsche Bank’s crypto custodial solutions have provided stability to the market. Analysts believe that Bitcoin may not experience a significant drop, with key support levels holding firm. Additionally, Bitcoin options data suggests a relatively stable market with minimal intraday fluctuations. Overall, Bitcoin’s resilience and positive indicators indicate a favorable outlook for the cryptocurrency.
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