This calculation just passed 0, will BTC mark $27,000?

Transactions in the crypto market have swelled over the past 24 hours. Cumulative trading volume passed $93 billion, making it the highest this week. Per data from CMC, Bitcoin was one of the most significant contributors, generating a total of $35.2 billion in volume over the past 24 hours. The rising price, in turn, has allowed Bitcoin to climb 9% higher on the price charts to $23k.

NUPL returns

A few hours ago, the NUPL metric crossed 0. Previously it stood at -0.001, but at press time it reflected a value of +0.002. This indicator basically looks at the difference between unrealized profit and unrealized loss to determine if the network as a whole is in a profit or loss. Values ​​below zero indicate that the network is in a state of net loss and vice versa. So the current upswing is fundamentally a good sign, because it signals that the network is in a state of net profit.

Now, although the recent inclination noted is meagre, it could help in the extension of BTC’s short-term green run.

The upcoming options expire

Alongside the aforementioned fundamental positives, another important factor that can play a decisive role in dictating Bitcoin’s price is tomorrow’s monthly options. This time the stars are sort of aligned in BTC’s favor as most traders are bullish on BTC at $22k and above.

Per Skew’s data, the July 29 expiration involves 89.8k BTC. Snapshot attached below [right] shows that market participants are still quite spread out in relation to their bets. The number of calls and puts appears to be roughly the same.

However, when OI after strike price chart is displayed [left], it becomes quite clear that purchase contracts dominate proceedings in the price bands that extend from $22k and beyond. However, traders are strongly bearish below $22,000.

Does Bitcoin Have a “Good” Chance to Rise or Fall?

So as long as Bitcoin’s price continues to hover around the current range, there is not much to worry about. More so, because at the time of expiration, call traders will be triggered to use the opportunity to buy their respective coins. So, if such a scenario materializes, Bitcoin’s rally is likely to be extended.

On the flip side, if the price ends up deflating over the next few sessions and hovers around $21k or below at expiration, the rally could continue.

Here it is interesting to note that in a band between $21.7k and $22.3k, BTC has quite strong support. And as highlighted by analyst Ali Martinez, as long as this demand zone holds, Bitcoin has a “good chance” of rising to $27k. Midway though, it would test drive for around $23.8k.

So, keeping the number of call bets placed in higher areas and Bitcoin hovering around one of the key supports, it is likely that we may notice a short-term respite in the next couple of days before the hype dissipates.