Yesterday, $BTC closed at $75,969 (according to Coinbase), down 5.5%—its lowest daily close since September 15. It touched an intraday low of $75,035, just over $100 above the September low of $74,887.5.
There are two key events to watch today:
• At 16:00 Beijing time, BTC options worth about $2.65 billion settle on Deribit. According to InteractiveCrypto, the max pain point is $79,000, and the put/call ratio is 0.33.
• At 21:30 Beijing time, the U.S. October nonfarm payrolls report is released—the first major data release since the sharp sell-off in U.S. stocks.
My take: Prices are currently about 4% below the max pain point, so the “magnet effect” of options expiry may not be strong. The bigger variable is tonight’s jobs report. We’ll probably find out tonight whether $75,000 is genuine support.
For informational purposes only; this is not investment advice. #BTC #Nonfarm
There are two key events to watch today:
• At 16:00 Beijing time, BTC options worth about $2.65 billion settle on Deribit. According to InteractiveCrypto, the max pain point is $79,000, and the put/call ratio is 0.33.
• At 21:30 Beijing time, the U.S. October nonfarm payrolls report is released—the first major data release since the sharp sell-off in U.S. stocks.
My take: Prices are currently about 4% below the max pain point, so the “magnet effect” of options expiry may not be strong. The bigger variable is tonight’s jobs report. We’ll probably find out tonight whether $75,000 is genuine support.
For informational purposes only; this is not investment advice. #BTC #Nonfarm