The bulls are on the quest to conquer the $45K mark as a support line by Friday after the last movements confirmed a decoupling from traditional markets. Will the bears succumb?
) bulls flipped the table on March 4's options expiry after a 14% rally on Feb. 28. Holding the price above $43,000 confirms a decoupling from traditional markets. For instance, the MSCI Emerging Markets Equities Index is down by 3.5% in five days, while the United States Russell 2000 Small-Capitalization Index gained 0.9%.
Call and put option instruments are evenly matched for the March 4 options expiry but bears were caught by surprise after the Bitcoin price stabilized above $43,000 this week.A broader view using the call-to-put ratio shows a balance between the $450 million call open interest versus the $440 million put options. However, the 1.02 call-to-put indicator is deceptive because most bearish bets will become worthless.
For instance, a trader could have sold a put option, effectively gaining a positive exposure to Bitcoin above a specific price. But, unfortunately, there's no easy way to estimate this effect.Bears are likely to throw in the towel
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