Bitcoin Price Sits on $80k Wall as Volatility Selling Decreases
The past week saw Bitcoin's price volatility selling decrease after a single session moved the cryptocurrency by 3.8%. This session, which pushed Bitcoin's price above $80k, caused the options market to lose money on its bets against higher prices.
According to Deribit's daily basis, Bitcoin's settlement-to-settlement moves averaged around 1% for the week, with one exception being the 3.8% move on September 4th. This move also caused funding to stay at zero for a fourth week, as no leveraged position was closed out against its owner's wishes.
Would-be buyers of Bitcoin are waiting for two key dates: the September 11 CPI and the FOMC meeting, while would-be sellers are waiting for evidence that ETF buying continues. The next real move is likely to land on a scheduled day rather than arrive gradually.