Forex and Crypto News

Bitcoin hits a new annual high

21:12 12 November /2020

Today the price of Bitcoin has climbed above the psychological level of $16000 and peaked at $16219. At the time of publication, the pair BTC/USD is trading around $16100. At the same time, there is a high activity of traders.

However, the rise of the pair BTC/USD above $16000 provoked a series of liquidations on the BitMEX exchange. Thanks to short liquidations, the Bitcoin price showed a sharp rise within an hour. Sellers, in turn, perceived the rise in price as a signal to sell, as a result of which the price of Bitcoin dropped below $16000 for a while.

skew_bitmex_xbtusd_liquidations.pngSource: Skew

According to a Skew source, the liquidation was $23 million, with the liquidation value of the purchase being $15 million and the liquidation of the sale $7,8 million.

In the options market, the ratio of Put options to Call options is 0,7, which indicates that traders are determined to increase the price in order to sell Bitcoins in the future.

skew_btc_putcall_ratios.pngSource: Skew

It is worth noting that 135,3 thousand Bitcoin options will expire this month. The first big expiration date is November 13, meaning 35100 contracts will expire tomorrow. However, looking at resistance at $16000 and support at $15500, expiration may not be a good thing.

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