BTC has been consolidating around higher levels for about a month, and it's clear who's under pressure now.
Not a great time for the bulls.
One of the biggest options expiration dates of the year is happening tomorrow – and things are starting to get serious.
About $6.3 billion in options $BTC are set to expire, with max pain near $75k and a large distribution of calls around $80k.
Simply put, many traders were positioned to hold BTC or push it up through those levels until the options expiration.
The problem? $BTC isn't even close to those zones anymore – it's drifting down toward settlement instead.
When the price moves away from key consolidation levels like this, it usually means one side is about to get heavily pressured.#Binance #BitEagleNews #Bitcoin❗ #FedGoolsbeeWarnsAsiaStagflation #SKPoliceFormsCryptoTaskForce
Not a great time for the bulls.
One of the biggest options expiration dates of the year is happening tomorrow – and things are starting to get serious.
About $6.3 billion in options $BTC are set to expire, with max pain near $75k and a large distribution of calls around $80k.
Simply put, many traders were positioned to hold BTC or push it up through those levels until the options expiration.
The problem? $BTC isn't even close to those zones anymore – it's drifting down toward settlement instead.
When the price moves away from key consolidation levels like this, it usually means one side is about to get heavily pressured.#Binance #BitEagleNews #Bitcoin❗ #FedGoolsbeeWarnsAsiaStagflation #SKPoliceFormsCryptoTaskForce