BTC’s $335 million options expiry has become a death trap for bulls, and increased legal action by the SEC and IRS against crypto companies is adding to the sell pressure.
CointelegraphBitcoin’s failure to break above $22,000 on July 8 opened room for bears to score a $100 million profit in this week’s options expiry.
CointelegraphPredicting a market bottom is pretty much impossible, but clever traders use options strategies like the Iron Condor setup to target a particular trading price range.
CointelegraphBulls 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.
CointelegraphBTC price lost the momentum that had pushed it to $32,300 on May 31, but this week’s option expiry could help bulls recapture the key price level.
CointelegraphBitcoin 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.
CointelegraphBTC price is in a freefall and data suggests bears plan to keep the price below $30,000 until the May 13 options expiry.
CointelegraphWith $810 million in BTC options expiring this Friday, derivatives data shows that bulls are keen to push prices past $50,000.
CointelegraphBTC staged a small relief rally, but securing $41,000 is the key to determining whether or not the current sell-off has ended.
CointelegraphHolding BTC price below $39,000 will give bears a $350 million profit in this week’s $1.9 billion options expiry.
Cointelegraph