After the release of the US CPI data, there was a reversal in investment assets. Major investment assets such as bitcoin, crypto, stocks and gold fell, while Treasury yields and dollar index oil prices rose.
Meanwhile, The Block, citing Derrybit data, reported that a significant amount of open interest is concentrated in bitcoin call options with strike prices of $60,000, $65,000 and $75,000 expiring on February 23. The media outlet explained that the concentration of calls above the $60,000 strike suggests that many investors expect bitcoin to rise above that price by the end of the month. In response, Jag Kooner, head of derivatives at Bitfinex, said: "$50,000 is a psychologically important price level for bitcoin. As attempts to break above this level continue, traders are writing call options with strikes well above the current price. These strike prices are higher than in previous cycles," he explained. BTC is currently trading down 1.51% at $49,419.35 on CoinMarketCap.
Related Articles
- Fear & Greed Index Hits 12: Extreme Fear — Weekly Crypto Market Briefing for March Week 2
- Bitcoin Drops Below $68K as Fear Index Hits 12 — Whales Quietly Accumulate 270,000 BTC
- Bitcoin Drops to $68,303 as Fear & Greed Hits 18 — US Jobs Shock Triggers $186M Liquidation Wave
- Crypto Market Today (March 6): Bitcoin ETF Sees $1.7B Inflows Amid Extreme Fear — Weekly Close Analysis
- Fear & Greed Index Hits 10 as Bitcoin Surges 7% to $73,000 — Is the $1.7B ETF Inflow a Bottom Signal?
