The BTC price is losing momentum after failing to break above the $60K psychological level over the weekend. The top digital asset is now trading below its recent all-time high but has still managed to hold above support at $55K.
Despite the pullback, BTCUSD is still up more than 200% since mid-December and is hovering around the $57K mark during press time.
BTCUSD Chart By TradingView
The current cost per bitcoin may feel like an insurmountable barrier to breach for many traders looking to enter the market. Still, Michael Saylor insists that these folks haven’t “missed the boat.”
In a recent interview with Bloomberg TV, the MicroStrategy CEO dismissed any notion of some being too late to ride the BTC rally. He revealed that he has continued buying BTC even after its price almost doubled since the turn of the year.
The BTC price will continue rising, according to Bobby Lee, who runs the crypto wallet app Ballet. He told CNBC’s “Squawk Box Asia” that the king crypto is currently in a bull cycle and could hit $100K by the summer and “potentially” $300K by the end of the year.
$6bn Worth of BTC Options Set to Expire
The flagship crypto has seen gains of 824 % in one year, leaving investors eager for signs of where its price action could be headed in the near future. An upcoming event is looking likely to move the market and likely propel the BTC price higher, according to Pankaj Balani, the CEO of Singapore-based Delta exchange.
On March 26, 2021, a record near-$6 bn worth of BTC options are set to expire. The imminent options contracts expiry is considerably more than the previous $4 bn record, set in January of this year. Investment in the bitcoin open interest market has also surged in recent months, more than doubling since last summer.
“The expiry data suggests a bullish outlook. There is a higher open interest build up on puts than on calls, as options writers remain more comfortable selling the downside than writing the upside,” Balani noted.
The forthcoming record bitcoin options expiry could trigger a stint of BTC price volatility, as former massive options expiries have caught the attention of crypto traders.
XRP Price Hits One-Month High
Ripple’s native token XRP rallied to its one-month high on Monday as the crypto community grappled with the prospects of its re-listing on exchanges.
The seventh-largest crypto on CoinMarketCap has been on a steady decline over the past few months as its parent company, Ripple Labs, faced legal action from the SEC. However, a court hearing on March 19 raised hopes that exchanges could resume trading the embattled token without violating securities laws.
Since then, the XRPUSD pair has accumulated gains and finally logged an intraday high at $0.586 on Monday.
XRPUSD Chart By TradingView