{"id":522955,"date":"2023-03-14T11:35:41","date_gmt":"2023-03-14T11:35:41","guid":{"rendered":"https:\/\/wncen.com\/?p=522955"},"modified":"2024-06-11T08:03:52","modified_gmt":"2024-06-11T08:03:52","slug":"bitcoin-price-poised-for-heavy-volatility","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-poised-for-heavy-volatility\/","title":{"rendered":"Bitcoin Price Poised For Heavy Volatility, Bulls Winning?"},"content":{"rendered":"<p>The Bitcoin price has risen by more than 20% amid the crisis in the <a href=\"https:\/\/wncen.com\/breaking-news-ticker\/bank-stocks-crash-as-bitcoin-soars-17-above-24000\/\" target=\"_blank\" rel=\"noopener \">US banking system<\/a>, which saw three banks shut down by the US government and a massive crash in the prices of numerous banks. After the furious price surge, BTC has stabilized between 24,000 and 24,8000 as of press time &#8211; but the calm might not last long.<\/p>\n<p>With today&#8217;s release of the Consumer Price Index (CPI), the Bitcoin price is traditionally in for a volatile day. And it&#8217;s not just the CPI that points towards massive volatility in the market.<\/p>\n<h2>Bitcoin Faces A Volatile Day<\/h2>\n<p>Maarten Regterschot, founder of diveonchain, outlined in a tweet that the &#8220;perfect mix for strong volatility&#8221; is currently evident with regards to BTC futures data. Open interest is up $1.45 billion (23%). Funding rates are neutral \/ slightly negative.<\/p>\n<figure id=\"attachment_522960\" aria-describedby=\"caption-attachment-522960\" style=\"width: 2544px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-522960 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrLCcC2WIAA2OgK.png?resize=2544%2C2094\" alt=\"Bitcoin funding \" width=\"2544\" height=\"2094\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrLCcC2WIAA2OgK.png?w=2544 2544w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrLCcC2WIAA2OgK.png?resize=460%2C379 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrLCcC2WIAA2OgK.png?resize=860%2C708 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrLCcC2WIAA2OgK.png?resize=768%2C632 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrLCcC2WIAA2OgK.png?resize=1536%2C1264 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrLCcC2WIAA2OgK.png?resize=2048%2C1686 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrLCcC2WIAA2OgK.png?resize=750%2C617 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrLCcC2WIAA2OgK.png?resize=1140%2C938 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-522960\" class=\"wp-caption-text\">Bitcoin poised for volatility | Source: Twitter <a href=\"https:\/\/twitter.com\/JA_Maartun\/status\/08347392\" target=\"_blank\" rel=\"noopener nofollow\">@JA_Maartun<\/a><\/figcaption><\/figure>\n<p>Analyst James V. Straten adds that Bitcoin perp funding rates have turned negative ahead of CPI, while options 25 delta skew suggest a bearish sentiment with puts slightly at a premium.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> perp funding rate turns negative ahead of <a href=\"https:\/\/twitter.com\/hashtag\/CPI?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#CPI<\/a>. <br \/>While options 25 Delta Skew suggests bearish sentiment with puts slightly at a premium <a href=\"https:\/\/t.co\/4CzalHzgb3\" rel=\"nofollow\">pic.twitter.com\/4CzalHzgb3<\/a><\/p>\n<p>&mdash; James Van Straten (@jvs_btc) <a href=\"https:\/\/twitter.com\/jvs_btc\/status\/07027202?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 14, 2023<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Chinese journalist Collin Wu also <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/53820929\" target=\"_blank\" rel=\"noopener nofollow\">observed<\/a> that in the last 24 hours, the notional value of Bitcoin options trading volume was about $2.5 billion , the second highest in history. It is also worth noting that call options with expiration dates on March 31 and June 30 are the largest.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/analysis\/btc\/bitcoin-price-rally-24k\/\" target=\"_blank\" rel=\"noopener \">Bitcoin Price Rally Loses Steam But This Support Might Spark Another Surge<\/a><\/div>\n<p>The current Deribit Bitcoin option position has reached 336,000, with a notional value of about $8.2 billion, which is also a record high.<\/p>\n<p>Remarkably, yesterday&#8217;s rally was driven by the spot market. Analyst &#8220;Skew&#8221; <a href=\"https:\/\/twitter.com\/52kskew\/status\/81935362\" target=\"_blank\" rel=\"noopener nofollow\">writes<\/a> that there was a large spot volume from Asian exchanges during the US trading hours, which was somewhat unusual. As always, however, it was Coinbase and Binance that paved the way for the current market trend.<\/p>\n<figure id=\"attachment_522962\" aria-describedby=\"caption-attachment-522962\" style=\"width: 1916px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-522962 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrG1wltaMAQQcHA.jpg?resize=1916%2C849\" alt=\"Bitcoin spot bidding\" width=\"1916\" height=\"849\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrG1wltaMAQQcHA.jpg?w=1916 1916w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrG1wltaMAQQcHA.jpg?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrG1wltaMAQQcHA.jpg?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrG1wltaMAQQcHA.jpg?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrG1wltaMAQQcHA.jpg?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrG1wltaMAQQcHA.jpg?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/FrG1wltaMAQQcHA.jpg?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-522962\" class=\"wp-caption-text\">Bitcoin spot market paved the way | Source: Twitter <a href=\"https:\/\/twitter.com\/52kskew\/status\/81935362\" target=\"_blank\" rel=\"noopener nofollow\">@52kskew<\/a><\/figcaption><\/figure>\n<h2>Will Bitcoin Continue Its Rally?<\/h2>\n<p>It is also worth noting that Changpeng Zhao has yet to complete the announced conversion of the Binance Recovery Fund from BUSD to Bitcoin, Ethereum, and BNB. Both &#8220;Skew&#8221; and renowned analyst on Twitter @tedtalksmacro have yet to observe any movement of Binance funds.<\/p>\n<p>&#8220;As far as I&#8217;m aware that $1B BUSD hasn&#8217;t been used yet by CZ. This is more capital rotation into BTC; flight to safety,&#8221; Skew <a href=\"https:\/\/twitter.com\/tedtalksmacro\/status\/55528960\" target=\"_blank\" rel=\"noopener nofollow\">noted<\/a>, while Ted added, &#8220;Yep, BNB yet to move. Post CPI perhaps??&#8221;<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/breaking-news-ticker\/bank-stocks-crash-as-bitcoin-soars-17-above-24000\/\" target=\"_blank\" rel=\"noopener \">Bank Stocks Crash As Bitcoin Soars 17% Above $24,000<\/a><\/div>\n<p>A look at the 4-hour chart of BTC reveals that the market must next the previous high of $25,200. If the price moves smoothly to this area and breaks through, this could be the start of a bigger rally.<\/p>\n<p>Everything will likely be determined by today&#8217;s CPI release at 8:30am EST. US inflation year-over-year (YoY) is forecasted at 6.0%, last was 6.4%. The forecast for core inflation YoY is 5.5%, last was 5.6%. Everything below these numbers is likely to refuel the rally, making a breakout above $25,200 a possibility.<\/p>\n<p>At press time, the BTC price looked strong, trading at $25,600.<\/p>\n<figure id=\"attachment_522966\" aria-describedby=\"caption-attachment-522966\" style=\"width: 3624px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-522966 size-full\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-14_12-08-15.png?resize=3624%2C1619\" alt=\"Bitcoin price\" width=\"3624\" height=\"1619\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-14_12-08-15.png?w=3624 3624w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-14_12-08-15.png?resize=460%2C206 460w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-14_12-08-15.png?resize=860%2C384 860w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-14_12-08-15.png?resize=768%2C343 768w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-14_12-08-15.png?resize=1536%2C686 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-14_12-08-15.png?resize=2048%2C915 2048w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-14_12-08-15.png?resize=750%2C335 750w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-14_12-08-15.png?resize=1140%2C509 1140w, https:\/\/wncen.com\/wp-content\/uploads\/2023\/03\/BTCUSD_2023-03-14_12-08-15.png?w=3000 3000w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-522966\" class=\"wp-caption-text\">Bitcoin price, 4-hour chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/HbDC9Pxo\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Tumisu \/ Pixabay, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Bitcoin price has risen by more than 20% amid the crisis in the US banking system, which saw three banks shut down by the US government and a massive crash in the prices of numerous banks. After the furious price surge, BTC has stabilized between 24,000 and 24,8000 as of press time &#8211; but the calm might not last long. With today&#8217;s release of the Consumer Price Index (CPI), the Bitcoin price is traditionally in for a volatile day. And it&#8217;s not just the CPI that points towards massive volatility in the market. Bitcoin Faces A Volatile Day Maarten Regterschot, founder of diveonchain, outlined in a tweet that the &#8220;perfect mix for strong volatility&#8221; is currently evident with regards to BTC futures data. Open interest is up $1.45 billion (23%). Funding rates are neutral \/ slightly negative. Analyst James V. Straten adds that Bitcoin perp funding rates have turned negative ahead of CPI, while options 25 delta skew suggest a bearish sentiment with puts slightly at a premium. #Bitcoin perp funding rate turns negative ahead of #CPI. While options 25 Delta Skew suggests bearish sentiment with puts slightly at a premium pic.twitter.com\/4CzalHzgb3 &mdash; James Van Straten (@jvs_btc) March 14, 2023 Chinese journalist Collin Wu also observed that in the last 24 hours, the notional value of Bitcoin options trading volume was about $2.5 billion , the second highest in history. It is also worth noting that call options with expiration dates on March 31 and June 30 are the largest. Related Reading: Bitcoin Price Rally Loses Steam But This Support Might Spark Another Surge The current Deribit Bitcoin option position has reached 336,000, with a notional value of about $8.2 billion, which is also a record high. Remarkably, yesterday&#8217;s rally was driven by the spot market. Analyst &#8220;Skew&#8221; writes that there was a large spot volume from Asian exchanges during the US trading hours, which was somewhat unusual. As always, however, it was Coinbase and Binance that paved the way for the current market trend. Will Bitcoin Continue Its Rally? It is also worth noting that Changpeng Zhao has yet to complete the announced conversion of the Binance Recovery Fund from BUSD to Bitcoin, Ethereum, and BNB. Both &#8220;Skew&#8221; and renowned analyst on Twitter @tedtalksmacro have yet to observe any movement of Binance funds. &#8220;As far as I&#8217;m aware that $1B BUSD hasn&#8217;t been used yet by CZ. This is more capital rotation into BTC; flight to safety,&#8221; Skew noted, while Ted added, &#8220;Yep, BNB yet to move. Post CPI perhaps??&#8221; Related Reading: Bank Stocks Crash As Bitcoin Soars 17% Above $24,000 A look at the 4-hour chart of BTC reveals that the market must next the previous high of $25,200. If the price moves smoothly to this area and breaks through, this could be the start of a bigger rally. Everything will likely be determined by today&#8217;s CPI release at 8:30am EST. US inflation year-over-year (YoY) is forecasted at 6.0%, last was 6.4%. The forecast for core inflation YoY is 5.5%, last was 5.6%. Everything below these numbers is likely to refuel the rally, making a breakout above $25,200 a possibility. At press time, the BTC price looked strong, trading at $25,600. Featured image from Tumisu \/ Pixabay, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":522964,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-522955","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Poised For Heavy Volatility, Bulls Winning?<\/title>\n<meta name=\"description\" content=\"With today&#039;s release of the CPI, the Bitcoin price is traditionally in for a volatile day. 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. 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Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. 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