• Bitcoin (BTC) touches $30k after breaking resistance points following BlackRock’s ETF application.
• The options market has a put-to-call ratio of around 0.82 according to analysts.
• There is bearish trade in the options market, but with an incredible 17 percent gain in the last 7 days, Bitcoin has a neutral market sentiment going into Friday’s options expiry.

Bitcoin Reaches $30K

Bitcoin (BTC) currently stands at $29,963.96 after breaking multiple resistance levels to hit $30k in the last few days. According to analysts, Bitcoin now has a new resistance level of $30,911.90 and a support level of $29,106.90 – its direction may depend on several factors and events happening in the crypto industry over the coming days.

BlackRock’s ETF Application

The surge in leading cryptos can be linked to BlackRock’s spot Bitcoin ETF application which could reduce barriers for financial advisers to offer exposure if approved by the SEC – although many think that current enforcement action against Coinbase and Binance might make this difficult for approval.

Options Market Sentiment

There is bearish trade in the options market with a put-to-call ratio of around 0.82 according to analysts – however there is also an incredible 17 percent gain in the last 7 days giving Bitcoin a neutral market sentiment going into Friday’s options expiry. As such, there are 3,500 buy options (calls) compared to 1,200 sell options (puts) when the price falls within the range of $27,000 and $28,000 – resulting in an advantage of $60 million for buy instruments when netted together with other ranges up until $29k where there would be an advantage of around $195 million for buy instruments overall.

Impact on Market Structure

Vetle Lunde from K33 Research commented on this event saying that if approved it would have profound impact on he market structure of Bitcoin as it would reduce barriers for financial advisers offering exposure – thus increasing demand and subsequently driving prices higher due to increased liquidity in markets as well as investor confidence due to more regulation being brought into play.

$250 Million Profit Awaits Bulls at Options Expiry

Going into Friday’s option expiry bulls are expected to benefit from up to 250 million dollars profits due increased buying activity during this period if current trends continue – meaning that investors should look out for another potential surge before expiration at 4pm EST time today!