Bitcoin Braces for Volatility as $2.2B Options Expiry Nears โก๐๐๐
Bitcoin's price is at risk of short, term upheavals as a gargantuan $2.2 billion options expiry is brewing, confounding the whole crypto market.
Bouncing to a strong 15% gain within 5 days, Bitcoin's price inched down for a while. It slid to as low as $70, 177 which means a 4.5% drop from the rebound level. After that, the price hovered at just below $70, 400. This price action possibly indicates that many investors are taking their profits after the recent rally.
Over $2.22 billion worth of
Bitcoin options expire today, which could cause price fluctuations.
Put, to, call ratio:
According to data, 1.72 times more traders are willing to buy puts instead of calls (i.e. they are more bearish).
Max pain level:
The largest number of options become worthless around a price level of $69, 000.
The markets normally move toward this max pain level. So, Bitcoin could be pulled temporarily near the $69K level.
On the one hand, there is those who see this as a great buying opportunity and some indicators are still pointing towards a bullish trend:
MACD: is in the process of rising which points to a recovery of momentum.
RSI: is diverging bullishly which means that the intensity of selling may be declining.
Important price zones:
Resistance: $72, 000
Support: $70, 000
#Bitcoin #Crypto #OptionsExpiry #Volatility
