Bitcoin Sideways As Traders Await Options Outcome, XRP And Theta Soar

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Bitcoin is trading sideways at around $53,700 as traders are waiting on the sidelines to see how the $6 billion options expiry, scheduled for today, will play out. In the broader altcoin market, most coins are waiting to see what would happen as well, except for XRP and Theta, which both climbed more than 10%.

For April, more traders are bullish than bearish in what is typically a very good month for crypto. Traders expected to end next month at around a level of $80,000.

This Friday $6 billion in options contracts are set to expire. #Bitcoin price expectations for April are high with lots of investors placing their new bets on $80k. pic.twitter.com/xRipoAaD1F

— Jan & Yann (@Negentropic_) March 24, 2021

Looking for support

Bitcoin traders admitted that the record of level of options contracts set to expire were the cause of quite some stress in the market, with most of them awaiting on the sidelines to see what would happen next.

We’re currently looking for support in the range between $50,000 and $48,000

Hunain Naseer of OKEx Insights admitted.

Any concrete signs of recovery are likely to show up after the options expiry on Friday.

Elon and DeFi, XRP and Theta Up

Elon Musk got crypto in the news again when he tweeted out: “don’t defy DeFi.” It comes only a few days after promising Tesla wannabes they could now pay for their new cars in Bitcoin.

Don’t defy DeFi

— Elon Musk (@elonmusk) March 25, 2021

Over in the altcoin market, there were notable rises from XRP and Theta at the time of writing. XRP, still engaged in an all-out battle with the SEC, seems to have good news coming out every few days now. As a result, the coin shot up 10% to $0,53.

Theta, which shot up like a rocket in 2021, continues on that path and is trading 11% higher at the time of writing.

VisualGeneration / Depositphotos.com