- Bitcoin is still on a path of closing Q3 in profits
- July 1st found Bitcoin trading at approximately $9,100
- Bitcoin looks set to maintain the $10k psychological price level through tomorrows expiry of futures and options
- The monthly close is the last hurdle for Bitcoin closing Q3 on a positive note
The month of September has less than a week left and Bitcoin looks set to close the third quarter of 2020 on a positive note. This month has been a tumultuous one for the King of Crypto as the first week found Bitcoin falling hard from $12k levels to the psychological price level of $10,000. The latter crucial level has been tested numerous times since then, including hours ago when Bitcoin fell to around $10,137 – Binance rate.
However, all the bearish price action seems to have no effect on the fact that Bitcoin opened Q3 at a value of $9,100. This means that BTC is still ahead in terms of quarterly profits. This fact was captured by the team at Unfolded via the following tweet.
With 7 days left until the end of Q3, Bitcoin returns remain positive. pic.twitter.com/1KegUuZGbW
— Unfolded (@cryptounfolded) September 23, 2020
Bitcoin is Still Ahead by 17% in Q3, 2020
At the time of writing, Bitcoin is trading at $10,680 – Binance rate – and could be gearing up for a retest of the $10,800 price level. Using the current price, Bitcoin’s quarterly profits are at 17.36% with room for growth if the current market momentum is maintained.
Record-Breaking Bitcoin Options Expire Tomorrow, Sept. 25th
However, investors and traders are still cautious about the current price action of Bitcoin given that over 89,000 BTC options expire tomorrow, September 25th. Furthermore, several quarterly Bitcoin futures contracts on multiple crypto exchanges and platforms, including the CME Group, also expire tomorrow.
This means that there is still a high chance of more volatility in the crypto markets until all the options and futures contracts are settled tomorrow.
$10k is the Level to Watch During the Monthly Close
Also worth mentioning is that Bitcoin still has the monthly close to contend with next week. A close above the $10k psychological price level would be very bullish for Bitcoin as it enters the holiday season that will also have a mega event in the form of the US elections in November.
Author: John P. Njui