Bitcoin derivatives data forecasts sub-$30K BTC price heading into Friday’s $800M options expiry
Bulls placed too much hope on $32,000 flipping to support, an error that is bound to show by Friday’s $800 million BTC options expiry.
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Bulls placed too much hope on $32,000 flipping to support, an error that is bound to show by Friday’s $800 million BTC options expiry.
Regulatory pressure and macroeconomic uncertainty continue to pin traders' sentiment and BTC price under $32,000.
BTC price lost the momentum that pushed it to $32,300 on May 31, but this week’s option expiry could help bulls recapture the key price level.
BTC price looks to break out of its downtrend, yet pro traders are still unwilling to add leveraged positions.
Conflicting Bitcoin derivatives data shows leverage traders bullish, while pro traders fear a deeper correction below $29,000.
Traders are calling for a “relief rally” to $35,000, but derivatives data shows bears stand to profit from this week’s $1.81 billion BTC options expiry.
A slight improvement in equities markets and the resilience of a few key BTC price metrics are giving bulls hope of a reversal.
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.