The Expiry of BTC and ETH Options
The Bitcoin and crypto market recently witnessed the expiry of the quarterly BTC and ETH options, which was the second largest in history. Despite expectations of increased volatility, the market remained relatively stable. The event did not have a significant impact on the market.
- The quarterly expiration of options resulted in the release of built-up positions.
- Volatility levels have risen this month, but major term IV is still showing a downward trend.
- The market could see a larger shift in options if it is supported in July.
What’s Next for Bitcoin?
The daily close of Bitcoin today is expected to be important for its price. It is also month-end, quarter-end, and the US Federal Reserve will release the Personal Consumption Expenditure (PCE) price index, a preferred inflation gauge. The PCE provides a more flexible and representative indicator of inflation compared to other indexes. A surprise to the downside in PCE inflation could provide a bullish boost to the financial and crypto markets.
Is the Best Time to Buy Next Monday?
Analyst @tedtalksmacro suggests that historically, the upcoming Monday, July 3, is the best option for buying Bitcoin. July has been the best performing month since October 2009, and on a weekly basis, Mondays have been the best day to buy and hold BTC.
At the moment, the Bitcoin price is trading below the $31,000 resistance zone at $30,856.
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