Bitcoin Option chain data indicates more investors are turning Bullish on BTCUSD

The put-call ratio is a reliable indicator to judge the sentiment of the market. The current data shows more people are bullish on Bitcoin.

BTCUSD broke past several crucial resistance levels as it pushed towards the $10k milestone. The day’s high so far is $10,241.26. Bitcoin seems to be comfortably sitting in the current region.

The pivot line could act as a possible support zone for Bitcoin now. Several investors who purchased Bitcoin during its lows in March and April would have clocked superb gains.

 

$10,000 could be a psychological barrier; however, investors are not worried

The last time BTCUSD touched $10,000, it fell soon after. It was undoubtedly because of the psychological barrier effect that people started selling off.

However, it is the second time that BTCUSD touched the $10k level within a short period. Therefore, it could be much less of a psychological barrier this time for BTCUSD.

Source: TradingView.com

The four-hour timeframe shows how brilliantly Bitcoin broke past its resistance levels.

 

Data from BTCUSD Options aid Bitcoin enthusiasts

Traders use the Option Chain data to predict the market movement. One crucial aspect of the Chain is the Put-Call ratio.

The Put-Call ratio or PCR refers to the ratio of the people buying or selling the put option in Bitcoin to the Call option. Trading in the Put Option is more when people expect the prices to go down. And the Call Option gets traded more when the market expects Bitcoin prices to move up.

Bitcoin research and analytics firm, Skew, announced that the PCR is on a decreasing trend in Bitcoin. It suggests that more people are turning Bullish on BTCUSD. It also indicates that investors are taking a directional bet on BTCUSD.

If things remain as they are, and BTCUSD whales don’t ruin the merry run, could BTCUSD make a new high for 2020? Well, only time will tell! 

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