Bitcoin (BTC) Faces Options Expiry, Google Indexing, and B3 Futures Launch

Traders should be aware of several key factors influencing Bitcoin (BTC) today: A large options expiry on Deribit worth

Arslan Butt•Friday, March 29, 2024•1 min read

Traders should be aware of several key factors influencing Bitcoin (BTC) today.

1. Options Expiry on Friday

A large options expiry on Deribit worth $15.2 billion is happening on Friday, with $9.5 billion for BTC options alone. A significant portion (41% for BTC) of these options are expiring “in-the-money” (ITM), meaning they could trigger buying pressure and potentially increase volatility.

2. Google Indexing Bitcoin Addresses

Google now indexes some Bitcoin address formats, allowing users to see basic information through a simple search. While some see this as positive mainstream adoption, others raise privacy concerns.

3. B3 Launches Bitcoin Futures on April 17th

Brazil’s B3 exchange will offer Bitcoin futures contracts starting April 17th, potentially attracting new investors.

4. Stalemate Between $70,700 and $68,240

Bitcoin’s price is currently stuck between this range, indicating market indecision.

BTC/USD Technical Analysis:

The Relative Strength Index (RSI) above 50 suggests some underlying bullish momentum. The Awesome Oscillator and MACD also hint at a potential uptrend, but confirmation is needed.

This ITM expiry could lead to a price surge if bulls capitalize on the opportunity to buy BTC at a lower strike price. However, profit-taking from expiring options could also cause a pullback.

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.