Why Bitcoin Price Is Destined To Pump In July 2023?

Also Read: Cardano Price Analysis Today: Is $ADA Price Ready to Reclaim $0.3?

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The recent rally in Bitcoin price came at the back of back to back lawsuits against crypto exchanges Coinbase and Binance, after which the Crypto Market looked largely unfazed in terms of price changes.

Quarterly Expiration Week

Options market data suggests that a massive share of BTC and ETH quarterly positions account for open interest by expiration. Therefore, this could have a market moving impact when the positions expire on Friday, June 30, 2023. According to numbers from AmberData,

“150,633 BTC options contracts worth $4.57 billion & $1.23 million ETH contracts valued at $2.3 billion will expire on Deribit Exchange.”

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Earlier, CoinGape reported that the Bitcoin price rally could help breach the $31,150. From the current level, it would be an around 5% jump to reach the target price, which was the peak during the March 2023 rally when the US regional banking crisis was dominating the financial markets.

Also Read: Crypto Draft Bill: Gary Gensler To Appear Before US House Committee

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