Bitcoin has outperformed almost every traditional asset in recent days. Observers said the cryptocurrency has stayed resilient to renewed turmoil in traditional markets due to several factors, including the absence of large sellers, continued holding by long-term investors and quarterly options expiry.
Alfred said bitcoin is not structurally correlated to traditional assets like stocks, bonds, and the dollar index over long periods. That means there is no reason to keep selling the already battered cryptocurrency even as traditional markets swoon. According to blockchain analytics firm Glassnode, bitcoin's relative stability stems from the"full detox of speculative interest" and long-term investors refusing to cave in and sell in a weak macroeconomic environment.
The max pain is the strike price at which the most open options contracts expire worthlessly. According to theory, the max pain point acts as a magnet for spot prices as expiration approaches because option sellers, mostly institutions, sometimes try to push prices closer to the max pain to inflict maximum loss on options buyers.
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