On Friday, July 30, a total of 42,850 Bitcoin (BTC) options contracts ($1.vii billion) are ready to expire. This might be the commencement time since the May 21 weekly expiry that bulls volition exist able to turn a profit from the $40,000 phone call (buy) options.

The most contempo surge in price may have been prompted past the rumor that Amazon would accept crypto payments, but later on the east-commerce behemothic denied these rumors, BTC has held relatively steady.

According to options markets, regardless of the reason behind the contempo market strength, a few incentives are in place for bulls to sustain the $40,000 level.

Aggregate July xxx Bitcoin option open interest by strike. Source: Bybt

While the initial analysis favors the neutral-to-bullish call options past 21%, according to the call-to-put ratio, a decent number of those bets were placed at $45,000 and higher strikes. These options are nearly worthless with less than 14 hours until maturity.

Bulls are in complete command

Bears were overconfident for the monthly expiry, and 87% of the neutral-to-bearish put options have been placed at $39,000 or lower. If bears are to suppress the price below this level on July 30, a total of $105 one thousand thousand put options will be available.

Meanwhile, the neutral-to-bullish call options below $39,000 corporeality to $320 million. The internet result is a $215 million advantage favoring the neutral-to-bullish telephone call options.

Sustaining the price above $twoscore,000 on July xxx would increase the bulls' lead by $140 million. This divergence seems enough to justify a price push above that level, at to the lowest degree until eight:00 am UTC when Deribit expiry takes place.

July future contracts as well exert some influence

Bitcoin futures expiries occur simultaneously, but unlike options, longs and shorts are evenly matched at all times.

An amass of $650 million in BTC futures is set to expire this Friday, only this will depend largely on the CME's $455 million because traders might close their position earlier the death, which happens on Friday at 3:00 pm UTC.

At the moment, the options market data largely favors bulls, at least for the short term.

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