In the morning of March 30, Bitcoin tested above $29,000. At its peak, the price reached $29,184 on Binance, matching the level seen in June 2022.
As of writing, prices had pulled back, erasing much of the gains, with Bitcoin trading near $28,500.
Bitcoin has risen 23% over the past 30 days. On the monthly time frame, prices have trended higher for a third straight period. The cryptocurrency is outperforming traditional financial assets.
#Bitcoin wins again this month! pic.twitter.com/P3oOOewnAi
— Documenting ₿itcoin ? (@DocumentingBTC) March 28, 2023
The movement of Bitcoin’s price and the accompanying volatility may be driven by the forthcoming expiry of quarterly derivatives, which falls on March 31.
Greeks.live analytics show that relevant options are actively traded, with most volume concentrated in sizable private trades in which institutional investors are building positions.
Block trades accounted for more than half of the total volume, dominated by option buying and bull spreads, with institutional investors continuing to add to their positions. pic.twitter.com/zjYHbcIcuX
— Greeks.live (@GreeksLive) March 30, 2023
Top-10 digital assets did not show a pronounced reaction to the leader breaking an important psychological threshold. The total market capitalization stood at $1.22 trillion, up 2.3% in 24 hours, according to CoinGecko.
According to CoinGlass data, futures liquidations affected positions worth more than $159 million. The bulk of them were long.
“The Fear and Greed Index” continues to signal investor optimism.
According to CNBC, major players surveyed forecast a rise in Bitcoin to $100 000.