The Shiba Inu (SHIB) price is gearing up for its first real test of the year as US GDP figures are released this Thursday. From a technical point of view, the on-screen price action doesn’t really paint a rosy picture. Expect more pressure.
Since early 2023, cryptocurrencies have benefited from newfound optimism among investors. Bitcoin (BTC) and Ethereum (ETH) played a role in the early stages, but now profits from these major coins appear to be shifting to other currencies. Cause a rally with multiple altcoins that easily double in value. This period offers a great opportunity to grow a portfolio, but investors should be careful as the market could quickly become bearish if BTC plunges.
The total amount of Bitcoin options on Deribit has reached the highest level since the collapse of the FTX exchange. Deribit is one of the largest cryptocurrency options exchanges in the world, so the surge in options trading volume signals a bullish shift in investor sentiment.