Bitcoin bears are closing in on a rare win as they have the advantage in this week’s $600 million BTC options’ expiry.
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Bitcoin bears are closing in on a rare win as they have the advantage in this week’s $600 million BTC options’ expiry.
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BTC price falls below the 55-day support level at $27,000, but futures market resilience sparks hope for a recovery toward $28,000.
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Bitcoin price giving up ground over the past week to slide below $28,000 has put bears in a better position for Friday’s expiry.
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Reasons for bearishness include U.S. Federal Reserve tightening, the absence of leverage buyers’ demand, and fearful BTC option traders.
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Bitcoin options markets are pricing further downside while margin traders are going increasingly long.
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Bitcoin price is no longer in reach of $40,000, but data shows bulls are willing to take a few short-term losses in order to strengthen their next run at the key resistance level.
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Derivatives data suggests that sentiment-wise, pro traders are still neutral on Bitcoin’s price prospects ahead of Friday’s $750 million options expiry.
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Key BTC trading metrics are sitting on the edge of the “worst outcome” scenario, suggesting that the current sell-off is far from over.
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Bitcoin price has yet to reclaim the $50,000 level, but the actions of options market makers and margin traders at Bitfinex suggest the most recent correction is over.
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