Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry
Bitcoin is holding the $30,000 level, but the $640 million in BTC options that expire on May 20 could result in the price visiting recent lows.
Auto Added by WPeMatico
Bitcoin is holding the $30,000 level, but the $640 million in BTC options that expire on May 20 could result in the price visiting recent lows.
The BTC futures premium flashed a slightly positive reading, but options markets show extreme fear from whales and market markers.
BTC price is in a freefall and data suggests bears plan to keep the price below $30,000 until the May 13 options expiry.
Charts suggest BTC price will dip below $30,000, and derivatives data shows options traders becoming increasingly worried.
ETH derivatives metrics and technical analysis point toward further downside for Ethereum price.
$735 million in BTC options expire on May 6 and data suggests that the current macroeconomic conditions will continue to favor bears.
BTC is in a lengthy downtrend but three key price metrics explain why traders are confident that the $38,000 level will hold.
BTC price continues to trade in a wide range, providing an opportunity for options traders to use the Iron Condor strategy.
Digital currency markets have been tumultuous during the past month as bitcoin shed 15.43% and ethereum dropped 17.49% against the U.S. dollar. Moreover, crypto spot volumes are down 18.95% lower…
Holding BTC price below $39,000 will give bears a $350 million profit in this week’s $1.9 billion options expiry.