Recovering from yesterday’s slump, Bitcoin (BTC) has experienced a significant increase, rising by nearly 3% today. This recent surge is attributed to the prolonged period of volatile market sentiment, coinciding with a significant event: the expiration of 18,000 Bitcoin options. 

The recent increase in Bitcoin’s (BTC) price has gained investors’ attention, after a volatile trading ahead of today’s options expiry. As the market prepares for the expiry of 18,000 Bitcoin options, analysts at Greeks.live will be providing insights into the prevailing options data. 

With a Put Call Ratio of 0.64, a Maxpain point set at $62,000, and a notional value reaching $1.2 billion, there is a high expectation toward potential market shifts following the expiry. As Bitcoin gathers attention, Ethereum (ETH) is also under scrutiny, with 280,000 ETH options scheduled to expire today.

Meanwhile, traders will closely monitor how Bitcoin (BTC) closes its weekly chart on May 12, searching for indications signaling the end of the downtrend. 

Bitcoin (BTC) traders are highlighting a “bullish candle hammer” observed on Bitcoin’s weekly price chart, suggesting a potential reversal of the downtrend experienced over the past month. 

“Bitcoin still looks like it is about to BLOW higher,” remarked Jan Hapel and Yana Alleman, founders of market intelligence firm Glassnode, in a post on their shared X account “Negentropic” on May 9. 

They observed that the Bitcoin (BTC) price chart closed on May 5 with a bullish hammer, characterized by a small body positioned above a long, thin line, commonly referred to as a “wick.”

At this time of writing, Bitcoin (BTC) is up by 3.59% trading at $63,248.68 with a total market cap of $1.24 trillion.