Market Wrap: Bitcoin Hits $13.6K; 500K ETH Options Pile Up for December

Oct 29, 2020 at 20:38 UTCUpdated Oct 29, 2020 at 20:45 UTC.Bitcoin's price is turning bullish as ether options traders accumulate half a million of ETH options for December expiration.

Bitcoin trading around $13,519 as of 20:00 UTC. Gaining 2.6% over the previous 24 hours.

BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians.

The price of bitcoin moved upward Thursday, going as high as $13,649, according to CoinDesk 20 data, and settling around $13,519 as of press time.

"Bitcoin is heading for $13,800 resistance and 2019 all-time highs," Kogan told CoinDesk.

Taking a look at the bitcoin futures market, open interest has picked up, going to levels not seen since August.

"With many new positions being opened, it suggests the market is still bullish at these prices," Lau added.

The second-largest cryptocurrency by market capitalization, ether was up Wednesday trading around $389 and climbing 1.1% in 24 hours as of 20:00 UTC.The amount of open interest on ether options for December expiration hit 500,000 ETH, worth $195,500,00 as of press time, as traders make bets on the dynamics of the Ethereum network.

Vishal Shah, an options trader and founder of derivatives exchange Alpha5, noted that a lot of ether options bets seem bearish.

Yields, which move in the opposite direction as price, were up most on the 10-year, jumping to 0.830 and in the green 7.3%.Disclosure.