The cryptocurrency market has accelerated along with the Federal Reserve interest rate hike of 0.75% and the release of the US GDP report which stands at -0.9% for the second quarter .
The price of Bitcoin, the world’s top cryptocurrency, is up 11% trading at $23,926 and Ethereum, the second largest cryptocurrency by market capitalization, is trading at $1,731 after a 15.28% uptrend on trading. last 24 hours.
Meanwhile, even crypto transaction has seen a massive increase in the last 24 hours as cumulative trading volume has surpassed $93 billion. This marks the highest trading volume for the week.
According to statistics from CoinMarketCap, most of the contribution comes from Bitcoin, as it has a volume of $35.2 billion in the last 24 hours.
FUN FACT: The total #cryptocurrency the market volume in the last 24 hours was $93,000,000,000, the highest this week.
— Watcher.Guru (@WatcherGuru) July 28, 2022
Bitcoin price at $27k?
According to reports, the NUPL index recently passed the number 0. Previously, the reading was at -0.001, but right now it is at +0.002. NUPL is a metric that reads the difference between the unrealized gain and the unrealized loss. It then lets us know if the network is in profit or loss. If the reading is below zero, then the ecosystem is lost and vice versa.
Therefore, with the current indicator we can say that Bitcoin is making a profit.
Bitcoin options to expire
After the US GDP report and interest rate hike, the next crucial event to watch is the monthly expiry of Bitcoin price options. Bitcoin Price Monthly Options will expire tomorrow, July 29, 2022.
According to Skew data, 89.8k BTC will expire on July 29. The image below (on the right) demonstrates that the market players’ bets are still somewhat spread out.
Also, it is very obvious from the OI by strike price chart (presented on the left) that call contracts rule at market prices starting at $22k and above. Therefore, below $22,000, buyers have a significant negative bias.
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This post This indicator on the price of Bitcoin says zero, is the price of Bitcoin $27k?
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