Bitcoin Bulls Eyeing Massive Support Wall at Lower Levels, SwapGlobal Co-Founder Claims
CryptoNewsTerminal Staff08 Aug, 2024
Bitcoin Bulls Eyeing Massive Support Wall at Lower Levels, SwapGlobal Co-Founder Claims
Yevgeniy Feldman, co-founder of SwapGlobal, a crypto options brokerage firm, believes a "massive wall of bids" awaits Bitcoin (BTC) at its current lows. Feldman explained that recent liquidations have cleared out many leveraged longs, but over-the-counter (OTC) options activity has picked up again. US hedge funds and institutions have reportedly been continuing to buy call spreads on Solana (SOL) and Bitcoin, indicating bullish option bets. Even Coinbase's buy-sell ratio suggests more buying activity. This buy/sell imbalance reveals that many buyers are ready to purchase Bitcoin below $49,000.
