QCP Group’s latest market report says that although news such as large BTC transfers by the U.S. government and the hack of Ledger have unsettled market sentiment, Bitcoin remains range-bound overall. Repeated attempts to break above $87,000 have failed, while support at $80,000 has held relatively firm. The report says that if the price decisively moves above $87,000, its next target could be $94,000.
In the options market, BTC implied volatility remains elevated, but the premium on put options has narrowed, suggesting that traders are more inclined to wait for a clear directional move rather than add to defensive positions. At present, the main concentration of month-end open interest is in long call butterflies expiring on October 30, with strike prices of $90,000, $95,000, and $100,000.
On the macroeconomic front, markets will focus this week on U.S. CPI and PPI data, as well as remarks by Fed Chair Warsh at the annual meetings of the IMF and World Bank. The report says that markets are currently pricing in about a 17% probability of a rate hike in October, and that these economic data and policy signals could affect BTC’s subsequent price action.
In the options market, BTC implied volatility remains elevated, but the premium on put options has narrowed, suggesting that traders are more inclined to wait for a clear directional move rather than add to defensive positions. At present, the main concentration of month-end open interest is in long call butterflies expiring on October 30, with strike prices of $90,000, $95,000, and $100,000.
On the macroeconomic front, markets will focus this week on U.S. CPI and PPI data, as well as remarks by Fed Chair Warsh at the annual meetings of the IMF and World Bank. The report says that markets are currently pricing in about a 17% probability of a rate hike in October, and that these economic data and policy signals could affect BTC’s subsequent price action.