{"id":393625,"date":"2022-01-13T20:24:56","date_gmt":"2022-01-13T17:24:56","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-sells-off-after-44k-resistance-tap-eliciting-scrutiny-from-options-traders\/"},"modified":"2022-01-13T20:24:56","modified_gmt":"2022-01-13T17:24:56","slug":"bitcoin-sells-off-after-44k-resistance-tap-eliciting-scrutiny-from-options-traders","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-sells-off-after-44k-resistance-tap-eliciting-scrutiny-from-options-traders\/","title":{"rendered":"# Bitcoin sells off after $44K resistance tap, eliciting scrutiny from options traders"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4175fee6fcf\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4175fee6fcf\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sells-off-after-44k-resistance-tap-eliciting-scrutiny-from-options-traders\/#%E2%80%9COne_step_at_a_time%E2%80%9D\" >\u201cOne step at a time\u201d<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-sells-off-after-44k-resistance-tap-eliciting-scrutiny-from-options-traders\/#Options_traders_come_under_the_spotlight\" >Options traders come under the spotlight<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin sells off after $44K resistance tap, eliciting scrutiny from options traders <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) fell more than 2% from local highs during Jan. 13 in the latest move to keep market participants guessing about what\u2019s to come for the largest digital asset.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/ae05f50a-c5b8-4981-bf01-0d1cab627fa3.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9COne_step_at_a_time%E2%80%9D\"><\/span>\u201cOne step at a time\u201d<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BINANCE\">TradingView<\/a>\u00a0tracked the pullback for BTC\/USD after the pair hit its highest levels in more than a week.<\/p>\n<p>A <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a> to $44,450 on Bitstamp after the Wall Street open was followed by an hourly candle that at one point sparked losses of $1,500.<\/p>\n<p>A fresh sign that rangebound activity remains the order of the day for Bitcoin, bulls were dis<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ointed after multiple calls for a fairly easy squeeze toward $46,000.<\/p>\n<p>For popular trader and analyst Scott Melker, \u201cThere was still no clear sign of direction.\u201d<\/p>\n<p>\u201cStill just chopping sideways,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1481591806567534595\">told<\/a> <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> followers on the day, noting that Bitcoin had swept lows with its sub-$40,000 dive earlier in the week, which was also in line with his own predictions.<\/p>\n<p>Fellow Twitter account Daan Crypto Trades further highlighted $45,700 as an upside target important for a resistance\/support flip.<\/p>\n<p>\u201cThe $45.7K level is the next area of interest that\u2019s on my radar. It will be key to flip that level for the bulls,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/DaanCrypto\/status\/1481567417071542272\">wrote<\/a>. <\/p>\n<blockquote><p>\u201cBTC looks great on LTF but still has a lot of work to do on HTF to call this a proper reversal. One step at a time.\u201d<\/p><\/blockquote>\n<p>Others were more hopeful of a paradigm shift coming in the mid-term.<\/p>\n<p>\u201cOver the coming days and weeks, BTC may reveal a new market structure in which case it would be well worth paying close attention to it,\u201d trader and analyst Rekt Capital <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/rektcapital\/status\/1481655732156059655\">forecast<\/a>.<\/p>\n<p><strong><em>Related: Traders say Bitcoin run to $44K may be a relief bounce, citing a repeat of December\u2019s \u2018nuke\u2019<\/em><\/strong><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Options_traders_come_under_the_spotlight\"><\/span>Options traders come under the spotlight<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>New research also suggested the reason that $40,000 was short-lived as a dip and $44,000 conversely became an area of resistance afterward.<\/p>\n<p>According to crypto trading firm QCP Capital, the determining factor lies in options markets, which have now become significant enough to have a \u201cmaterial impact\u201d on BTC price action.<\/p>\n<p>\u201cFor instance, one key reason for the lack of follow through in BTC and Ether below $40,000 and $3,000 is possibly the few large players owning strikes around those levels,\u201d\u00a0a Telegram update explained. \u201cThey naturally create support as they bid for spots to trade the delta there. And when they take profit on those option positions, the upside impact on the market is very clear as well.\u201d<\/p>\n<blockquote><p>\u201cAdditionally, a sharp options player who had bought 42,000 January calls started taking profit on those around the $44,000 spot level, naturally creating some resistance there.\u201d<\/p><\/blockquote>\n<p>Options open interest remains far from 2021\u2019s all-time highs, data from Coinglass <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.coinglass.com\/options\">shows<\/a>.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2022-01\/4c619ea3-ab79-4c4a-98d0-950a0d5bcaf3.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin options open interest chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-sells-off-after-44k-resistance-tap-eliciting-scrutiny-from-options-traders\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin sells off after $44K resistance tap, eliciting scrutiny from options traders &#8221; Bitcoin (BTC) fell more than 2% from local highs during Jan. 13 in the latest move to keep market participants guessing about what\u2019s to come for the largest digital asset.\u00a0 BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView \u201cOne step at a&#8230;<\/p>\n","protected":false},"author":1,"featured_media":393626,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDEvOWRiMmVhZTUtNmUzMy00NjU0LWI0NDgtY2IyMmM3OWQyZDFjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,74863,75150,73785],"class_list":["post-393625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-cryptocurrencies","tag-market-update","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/393625","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=393625"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/393625\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/393626"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=393625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=393625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=393625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}