Bitcoin long positions worth nearly $40 million were liquidated in the past 24 hours, options market still skewed in favor of topside. QCP Capital notes that options traders are anticipating a year-end rally, significant buying interest in options at $100,000 to $120,000 strikes. Analysts predict Q3 2024 to be subdued for Bitcoin as market faces uncertainty from Mt. Gox payback to creditors.
Early on Wednesday, July 3, Bitcoin dipped under $60,000, wiping out gains from the last week of June. Nearly $40 million in Bitcoin long positions were liquidated, per Coinglass data. Despite the sell-off and the correction, options traders held steady. Bitcoin 24-hour long and short liquidations as seen on Coinglass QCP Capital shared details of the buying interest in long options at $100,000 to $120,000 strikes for year end in a broadcast on Telegram.