Bitcoin has experienced some fluctuations and volatility in their prices over the past few weeks. However, they have been able to manage to surge up their valuation despite the unpredictable situation in the stock market. The derivative market of BTC within this week has revealed that the asset traders of cryptocurrency must have higher expectations. Especially in terms of options and a favorable future, the crypto traders of BTC must swing forward with good hope. There are a few traders who think that the price of virtual currency will possible be able to fill the 2 gaps that are unfilled on CME company’s Bitcoin Futures statistics that are almost touching a whopping $18,000.
BTC Filling The Gap
Over the past few days, BTC surged above the $16,000 level along with several other crypto markets witnessing major profits within this week. On 14th November, Sunday, the price of BTC saw a sharp decline below the level of $16,000 and touched a very low of almost $15,750 within the trading session of this morning itself.
During the publication time, the asset of BTC has been able to regain some of their lost worth. Nonetheless, they have continued their fight to try to reach and maintain the support level of $16,000.
In the interim, there have been some very serious activities that took place in the BTC derivatives market. Since the options and futures of the market have revealed some signs of positive and profitable things coming towards BTC. Skew.com has made a tweet on 6th November that the open interest of BTC will soon be “breaking out big”.
CME Group and Deribit conduct all their exchanges in the futures markets based on the contracts that have been measured within the open interest. Therefore, this open interest of BTC is of utmost importance. According to Skew. The open interest of BTC options is presently at their highest ever (ATH). As a result, Deribit is trying to capture the open interest with the largest possible share they can grab.
The open interest of CME is growing exponentially since the past few weeks. This is all because CME, Ledgerx, and Okex, all three companies have been following the lead of Deribit in trying to dominate the open interest market. In the market of crypto derivatives which incline towards the perpetual and futures of BTC have been able to touch ATH in the open interest options this month.
The traders of BTC are keeping an eye on the two unfilled gaps of the CME chart. Those gap targets are $17,700 as well as a whopping $18,500 that came from the parabolic increase of BTC within the span of the last three years.
To fill these gaps in the fiscal markets, BTC can take a step back for CME to surge higher. And consolidate the price ranges.