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Here’s why bears hope to pin Bitcoin under $60K ahead of Friday’s $1.1B options expiry
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Bitcoin (BTC) bulls were euphoric when the price soared to $69,000 on Nov. 10 because the 14.5% gain accumulated over five days meant they were in for a $715 million profit on Nov. 12's options expiry.
However, the 9% negative price move on Nov. 16 caught bulls by surprise, especially since most of the call (buy) options for Nov. 19 have been placed at $66,000 or higher. Curiously, that price level has been the exception rather than the norm.
Bears might have been lucky because the two negative events happened in the past few days. On Nov. 12, the United States Securities and Exchange Commission denied VanEck’s spot Bitcoin ETF request. But more important than the rejection, itself, which was largely expected, was the rationale behind the
Read more on cointelegraph.comAbout this in other media
Bitcoin bulls risk losing $365 million upon Friday’s BTC options expiry cointelegraph.com /3 years ago
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