Bitcoin's price bounce stalls, and one trader says the cryptocurrency could gravitate toward the so-called max pain point ahead of monthly options expiry. godbole17 reports in this morning's First Mover Americas.
The momentum stalled even as U.S.-based financial services firmit would allow investors to put bitcoin in their 401 retirement savings accounts later this year. Observers cheered the news, saying the passive bid from 401s would be massive and accelerate mainstream adoption. More than 20,000 companies reportedly use Fidelity to administer retirement accounts.
Perhaps renewed weakness in stock markets and caution ahead of next week's Federal Reserve meeting kept buyers at bay. Futures tied to the S&P 500 pointed to a negative open with a 0.4% drop, and European stocks struggled to stabilize after Monday's slide. Griffin Ardern, a volatility trader from crypto asset management firm Blofin, said,"It's going to be difficult for the crypto market to make new highs. The Fed's May meeting is imminent, and bearish sentiment still dominates the market."
Ardern added that bitcoin and ether prices might be biased toward max pain levels ahead of Friday's monthly options expiry. According to data tracked by Skew, bitcoin options worth $2.2 billion and ether options worth $1.2 billion are set to expire this Friday. The max pain for bitcoin and ether is $41,000 and $3,000, respectively.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
First Mover Americas: The Bitcoin Death CrossBitcoin’s three-day chart shows an impending death cross as a risk-off orientation drives prices lower. godbole17 reports in this morning's First Mover Americas.
Read more »
First Mover Asia: The Metaverse Is Subject to Earth’s Boring Old RulesIt’s not that the NFT promotes the vice of gambling; rather, the problem is that the promise of profit-sharing likely makes it a security. thesamreynods and JPRubin23 report
Read more »
Australia's First Bitcoin and Ethereum ETFs Delayed: ReportAustralia will have to wait some more time to see its first exchange-traded funds tracking the performance of bitcoin and ether.
Read more »
Launch of Australia's First Bitcoin ETF Gets PostponedCosmos Asset Management's Bitcoin ETF was scheduled to start trading on the Cboe stock trading platform
Read more »
With two first-round picks, Eagles need to prioritize defense first, then wide receiverA draft simulator most frequently came up with a Georgia defensive lineman and an Ohio State receiver as the Eagles' likeliest picks in the first round.
Read more »
First Mover Asia: Slow Start to the Week for Crypto as China Lockdowns Drag on Stocks, S&P 500First Mover Asia: Bitcoin’s correlation with the stock market has created a circular economy with China – even though trading the asset is officially banned in the country. thesamreynolds, DantesOutlook, Liqquidity report.
Read more »