Bitcoin price was ranging between $46,000 and $48,000 during the weekend

Bitcoin price traded in a narrowed range after “crypto witching day” ended. At the time of writing, it is changing hands at $47,032.

bitcoin-price-was-ranging-between-46000-and-48000-during-the-weekend

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price rides $46,000 – $48,000 weekend tide

Bitcoin’s price ranged between $46,000 and $48,000 during the weekend after “crypto witching day” ended Friday with the expiration of roughly $8.67 billion worth of bitcoin and ether options contracts.

Bitcoin, the oldest cryptocurrency, experienced a small price recovery to as high as about $47,961.0 on Saturday before it fell into red again on Sunday, based on data from TradingView. But its overall spot trading volume across major centralized exchanges declined on the weekend, meaning that solid market activities did not support the price move.

On Friday, about 115,000 BTC options and roughly 882,000 Ether options contracts, worth a total notional value of $8.67 billion, expired. After the settlement was completed, bitcoin’s price briefly increased sharply to above $48,000 on some exchanges.

Elsewhere, Santiment created a poll on Twitter, asking if you were forced to hold just one crypto asset (or type of asset) for the next ten years, beginning today, what would you choose? After 19 hours passed, with 2,279 votes, Bitcoin took 37.9% of the total votes.

bitcoin-price-was-ranging-between-46000-and-48000-during-the-weekend[1]

Source: Santiment

As AZCoin News reported, president Nayib Bukele of El Salvador, the first country to adopt Bitcoin as legal tender, believes that Bitcoin could rally to $100,000 this year. President Bukele also said two more countries would accept Bitcoin as legal tender in 2022.

It’ll be crucial to watch net flows in the short term to determine if the trend weakens or strengthens. Also, over 20K options expiry set for 7 January can further determine the asset’s trajectory going forward.

Meanwhile, Harmony (ONE) and Chainlink (LINK) were the biggest winners among altcoins on Sunday at the time of writing. Harmony is the native token of smart contract platform Harmony and LINK is an ERC-20 token for decentralized oracle network Chainlink.

The overall cryptocurrency market cap stands at $2.241 trillion, and Bitcoin Dominance is 39.7%.

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