The value of Bitcoin (BTC) has fluctuated between $ 30,400 and $ 36,400 in the last 12 days, and it was difficult to find the exact cause of the loss of investor appetite. Some analysts have pointed to the opening of the Grayscale Bitcoin Trust (GBTC) in mid-July, which will give institutional investors the opportunity to dump their money, but this is unlikely to be the main reason.

Meanwhile, industry leaders noted that the “crackdown on crypto” emerging in the United States is seriously affecting investor sentiment, which is particularly problematic given that China recently banned all cryptocurrency mining in the country.

Finally, well-known critics of bitcoin, including Aswat Damodaran, a professor of finance at New York University’s Stern School of Business, stated that the cryptocurrency “failed” as a currency.

Damodaran highlights the limited use of microtransactions by Bitcoin, although El Salvador is pushing a roadmap to democratize the Lightning Network solution.

Bulls have a better chance of winning the week.
After the Bears won the final quarterly redemption of $ 3 billion options on Friday, the winds may have turned the tide in favor of the bulls this time around. While last week’s $ 34,000 level yielded a $ 310 million profit for neutral and bearish rates, next Friday’s 2. July be very different.

Only on July 2, interest is open for bitcoin options. Source: Bybt
The original image is a neutral structure with a preponderance of neutral and positive call options of 8% in line with purchases for future conditions. Of the $ 445 million in open interest, $ 230 million is in neutral to bullish call options, giving the bulls a slight advantage. However, looking at more accurate data provides a different perspective.

About the topic: Cryptotraders say that negative financing rates are a sign of buying, but are there any?

Only 18% of defense rates were placed at $ 33,000 or more. Therefore, if Bitcoin trades above this level at 08:00 UTC on Friday, these instruments of only $ 38 million will be neutral or bearish.

$ 34,000 is a profit or threshold for both parties.
On the other hand, the bulls will probably try to protect the $ 34,000 level and open $ 45 million in call options.

In truth, both sides have incentives to upset the reasonable balance of $ 34,000. For example, over $ 35,000, the bull’s benefit increased from $ 7 million to $ 57 million.

Conversely, bears have an edge if bitcoin trades below $ 33,000. In this case, the open interest in defensive talks is $ 31 million higher than the neutral bullish talks.

In short, it is impossible to predict which side will be stronger when Friday ends. However, this is the first time in more than four weeks that the bulls have had a good chance of fighting.

Source: CoinTelegraph