After the short-term consolidation of the past few days, Bitcoin gained more than six percent on Thursday morning on a 24-hour basis and again cracked the important 50,000 mark. A sustained breakout would be a strong signal for further price development.
The crypto market is firmly in bull hands again on Thursday. With a price increase of around 6.1 percent, Bitcoin can even grow a little faster than the overall market. The expiry of Bitcoin options with a volume of 655 million dollars on Friday (September 3) is also casting its shadow.
The majority are call options with which traders speculate on higher prices. According to information from cointelegraph.com 93 percent of the calls that are now expiring were placed at or above $ 48,000 – so they benefit if the Bitcoin is quoted above this level on the reporting date.
But not only the call-to-put ratio of 1.48 reflects the generally bullish sentiment of market participants. Investors who trade Bitcoin directly are also apparently preparing for further rising prices.
Bullish mood, bullish chart
This is indicated by data from the largest US crypto exchange Coinbase, where users recently withdrew bitcoins on a large scale – an indication that the owners expect prices to rise in the medium and long term and do not want to sell them in the short term. As a result of the cash outflow, Coinbase’s Bitcoin inventory has fallen below 700,000 units, the lowest level since December 2017. At that time, Bitcoin had reached its previous high of around $ 20,000.
With today’s price gains, Bitcoin has once again cracked the 50,000 mark, which is not only of great importance from a psychological point of view. It also marks the lower bound of a zone of resistance that extends into the $ 51,000 area.
On the way to the previous all-time high of around $ 64,900 and beyond, it represents a key resistance – if it is cracked sustainably, the upward movement should gain momentum.
Chart image, fundamentals and sentiment are correct with Bitcoin – so nothing stands in the way of further price gains. The recommendation to buy Bitcoin as a long-term addition to speculative deposits therefore continues to apply.
DER AKTIONÄR also relies on Bitcoin and Co in the AKTIONÄR depot – quite simply with WKN and without trading on a crypto exchange. You can read how this works in the new issue (36/21).
Straight to the e-paper
Note on conflict of interests:
The chairman of the board and majority owner of the publisher Börsenmedien AG, Mr. Bernd Förtsch, has taken direct and indirect positions on the following financial instruments referred to in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin, Ethereum.
Author Nikolas Kessler has taken direct and indirect positions on the following financial instruments mentioned in the publication or related derivatives that benefit from any price development resulting from the publication: Bitcoin.
Shares or derivatives that are discussed / mentioned in this article are in the “SHAREHOLDER Depot” of THE SHAREHOLDER.