Market Wrap: Bitcoin Hovers Around $34.2K While Options Traders Pay Up for Possible ETH Upside – CoinDesk – CoinDesk

Market Wrap: Bitcoin Hovers Around $34.2K While Options Traders Pay Up for Possible ETH Upside - CoinDesk - CoinDesk

After a record day in spot volume, bitcoin’s price went up, down and back up. Meanwhile, most ether options traders are bearish, some are paying up in case it gets close to record highs.

  • Bitcoin (BTC) trading around $34,278 as of 21:00 UTC (4 p.m. ET). Gaining 3% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $32,528-$36,605 (CoinDesk 20)
  • BTC below the 10-hour and 50-hour moving averages on the hourly chart, a bearish signal for market technicians.

Bitcoin trading on Bitstamp since Jan. 9.
Source: TradingView

Bitcoin’s price had an up-and-down day, going as high as $36,605 at around 08:00 UTC (3 a.m. ET), falling to $32,528 at around 14:30 UTC (9 a.m. ET) and then going back up to $34,278 as of press time. 

Andrew Tu, an executive for quant trading firm Efficient Frontier, sees the $36,000 price level as “resistance,” an area where bearish traders seem primed to hit the sell button on bitcoin. “Right now bulls are challenging the $36,000 resistance. It failed to get past $36,600 earlier during the afternoon Asia hours,” Tu told CoinDesk. “When the U.S. East Coast woke up, the market started bidding the price upwards again.”

Monday’s bitcoin spot volumes were the highest ever seen since CoinDesk 20 data on eight major spot exchanges began being recorded. An astounding $13.3 billion in volume was traded Monday, the highest since Dec. 22, 2017, when volumes hit $9.7 billion.

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