#BitcoinDropsBelow$84K Bitcoin gains more than 2% to $84.8k as risk sentiment prevails
Bitcoin advanced more than 2% on Wednesday, extending gains into a second straight session as risk sentiment on Wall Street remained high. The bullishness was driven by strong corporate earnings and a lift to the technology sector from SpaceX.
Still, a rise in oil prices kept a lid on Bitcoin’s rise.
The world’s largest cryptocurrency was last up 2.2% to $84,792.2 by 17:38 ET (21:38 GMT).
"Bitcoin’s rise looks price-led and modest in size. Over 24 hours spot rose about 2.6% while futures open interest rose about 3%, so little fresh money came in, and positioning remains light, with open interest well below lifetime peaks, per CoinDesk data," Iliya Kalchev, analyst at Nexo Dispatch, said.
"Implied volatility has slipped back below 40% from a brief move above 42% on October 15, and Deribit’s one-month skew still leans toward puts at 8%, though the five most-traded options were calls above spot, mostly in multi-leg structures and not outright bullish bets," he added.
Bitcoin advanced more than 2% on Wednesday, extending gains into a second straight session as risk sentiment on Wall Street remained high. The bullishness was driven by strong corporate earnings and a lift to the technology sector from SpaceX.
Still, a rise in oil prices kept a lid on Bitcoin’s rise.
The world’s largest cryptocurrency was last up 2.2% to $84,792.2 by 17:38 ET (21:38 GMT).
"Bitcoin’s rise looks price-led and modest in size. Over 24 hours spot rose about 2.6% while futures open interest rose about 3%, so little fresh money came in, and positioning remains light, with open interest well below lifetime peaks, per CoinDesk data," Iliya Kalchev, analyst at Nexo Dispatch, said.
"Implied volatility has slipped back below 40% from a brief move above 42% on October 15, and Deribit’s one-month skew still leans toward puts at 8%, though the five most-traded options were calls above spot, mostly in multi-leg structures and not outright bullish bets," he added.