Crypto Traders Brace for Volatility Ahead of White House Summit
1min read Greeks.Live has released a community daily summary, highlighting the market's anticipation of volatility leading up to the White House cryptocurrency summit on March 7. The community is divided on the market direction, with a slight bearish lean, expecting sharp price swings. Traders are closely monitoring the key price range of $91,000 to $96,000 for Bitcoin, debating whether the post-event market will continue its downward trend or potentially break through to a new all-time high.
The general consensus is that the market will experience volatile fluctuations before the summit, with a potential initial surge to the $92,000 to $94,000 range, followed by a pullback. Some traders are employing a calendar spread strategy, shorting call options expiring on March 8 while longing a spread of $91,000/$95,000 call options expiring on March 14. This strategy aims to capitalize on the expected volatility and price movements around the summit.
It is expected that the upside potential for this week is limited, with $96,000 serving as the price ceiling. Even with positive news, some traders plan to sell at this price level and roll over when necessary. Concerns about market makers expanding quote ranges and playing with liquidity are prevalent, as traders seek to avoid being harmed during potential significant market movements.
The community's sentiment reflects a cautious approach to the upcoming summit, with traders preparing for both potential gains and losses. The key price range of $91,000 to $96,000 is seen as crucial, with traders closely monitoring any developments that could impact Bitcoin's price. The summit is expected to bring significant attention to the cryptocurrency market, with traders and investors alike awaiting the outcomes and potential regulatory changes that could follow.
