Bitcoin price surges ahead of $11 billion options expiry
Bitcoin is set to close November with a historic monthly gain of 49%
Bitcoin is set to close November with a historic monthly gain of 49%, driven by renewed optimism following Donald Trump’s election victory and his pro-regulatory stance on cryptocurrency.
The surge, which brought Bitcoin price above $99,000, has been bolstered by institutional inflows and positive technical signals, suggesting further price momentum as traders eye the $100,000 milestone.
BTC price dynamics (2015-2024). Source: TradingView.
Adding to the bullish sentiment is today’s expiry of 98,500 Bitcoin options contracts, representing a notional value of $9.48 billion. This expiry, the largest of the month, features significant open interest at the $100,000 strike price, with $2 billion tied to it. A put/call ratio of 0.84 highlights a slight dominance of bullish bets.
Analysts report heightened activity, including over $120 million in cumulative block call options traded earlier this week, signaling increased confidence among institutional players. Ethereum options also play a role in today’s market dynamics, with 412,000 contracts expiring, contributing to the combined notional value of $11 billion for today’s crypto options expiry.
EMA golden cross signals bullish outlook for bitcoin
Early Friday, Nov 29, during the Asian session, Bitcoin traded above the previous day’s high, testing the $97,000 level after bouncing off the $95,000 support. This support level gains further significance, with a golden cross forming on the 50 and 100 EMAs, traditionally viewed as a bullish signal. If price retraces, $95,000 could serve as a strong floor for further upward movements.
The total crypto market capitalization is hovering near $3.5 trillion, so Bitcoin’s recent surge reflects strong institutional and retail participation. As traders focus on the $100,000 level, there is increased anticipation of volatility in the coming weeks, driven by year-end derivatives activity and a continued shift in regulatory sentiment.
Bitcoin rebounded to $97,000 after an 8% drop earlier in the week. The recovery was further bolstered by MARA Holdings’ acquisition of 6,474 BTC.
