Futures
Access hundreds of perpetual contracts
TradFi
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Futures Kickoff
Get prepared for your futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to experience risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Launchpad
Be early to the next big token project
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
- Bitcoin Price Outlook: Bitcoin stabilizes after rejection from a key resistance level:
Bitcoin was retested at the $90,000 mark on Monday, a significant psychological level, then dipped slightly the next day. Bitcoin's price settled around $87,000 on Wednesday. By Thursday, Bitcoin hovered around $87,700.
If the Bitcoin correction continues, the decline could extend toward the main support level at $85,569.
The Relative Strength Index (RSI) is at 43, below the neutral level of 50, indicating increasing bearish momentum. The Moving Average Convergence Divergence (MACD) showed a bullish crossover last week; however, the decreasing green bars suggest waning bullish momentum.
Daily chart of the BTC/USDT pair
On the other hand, if Bitcoin closes above the $90,000 level, the recovery could extend toward the next resistance level at $94,253.
Institutional demand continued to decline this week. Data from SoSoValue indicates that Bitcoin spot ETF funds experienced outflows of $175.29 million on Wednesday, marking the fifth consecutive day of withdrawals since December 18. If these outflows persist and intensify, Bitcoin's price could see further correction.
Daily chart of net spot Bitcoin flows into ETFs. Source: SoSoValue
- The Calm Before the Storm:
Data from Deribit shows that Bitcoin options contracts worth $23.47 billion are set to expire on Friday. Bitcoin derivatives traders are heavily focused on high strike prices, with open interest in call options significantly exceeding that of put options, as evidenced by the put-to-call ratio dropping to 0.35, indicating a generally bullish sentiment.
Additionally, the maximum pain price of $95,000 suggests that option sellers will benefit more if Bitcoin's price gravitates toward this level by expiration, as most contracts will expire worthless at this level.
This week, QCP Capital's report highlighted that despite a decrease in leveraged positions, market contraction means that downside and upside risks remain elevated.
QCP Capital analyst said: "Historically, Bitcoin tends to experience 5 to 7% volatility during the Christmas period, a pattern often associated with year-end options expiration rather than new fundamental catalysts."