Key Points
- Today, 89,000 Bitcoin options and 718,000 Ethereum options are set to expire.
- BTC trades above $65,000 and ETH is priced above $2,600.
The September 27 Bitcoin and Ethereum options data has just been released amidst a rise in confidence in the crypto market.
According to official data from Greeks.live, 89,000 BTC options are set to expire today with a Put Call Ratio of 0.64, a Maxpain point of $59,000, and a notional value of $5.8 billion.
Also, 718,000 ETH options will expire with a Put Call Ratio of 0.47, a Maxpain point of $2,500, and a notional value of $1.9 billion.
Digital assets have recorded a sustained rally that debuted during the past week ahead of the FOMC meeting and continued after the US Fed’s decision to cut interest rates by 50 bps. This move boosted the market confidence significantly.
BTC is Trading Above $65,000 and ETH, Above $2,600
At the moment of writing this article, BTC is priced above $65,000, up by 3% in the past 24 hours.
The digital asset surpassed the important level on September 25, the first time since August 1.
BTC’s rally started last week, sustained by the US Fed’s decision, and continued this week as well.
BTC’s price was boosted yesterday, following the latest US data release which showed a 3% annualized growth for the economy and weekly unemployment claims dropping below expectations.
Regarding the price of ETH, at the moment of writing this article, the coin is trading above $2,600, up by almost 2% in the past 24 hours.
ETH’s week was more volatile compared to BTC’s trajectory; still, the coin reached prices close to $2,700 on September 23.
Crypto Market Outlook
Q3 2024 is coming to an end, and defying all expectations BTC seems to be on the verge of closing its best September so far. 2016 was another year in which BTC recorded over 6% gains during this month.
Q4 is historically known as a bullish period for Bitcoin, and considering the upcoming US elections, with both parties showing increased interest in crypto, along with the potential two rate cuts in the US, this year will be no exception.
Greeks.live notes that this quarterly delivery brought a large number of shifting positions and margin releases, and now, all major terms IVs are at low levels.
All signs indicate an increased dose of optimism regarding the last months of the year.
