Sunday, July 3

$ 1.1 billion in Bitcoin options expire on Friday, but data points to BTC price below $ 55,000 By CoinTelegraph

© Reuters. $ 1.1 billion in Bitcoin options expire on Friday, but data points to a BTC price below $ 55,000

The () bulls are still licking their wounds from the bloody December 4 correction, which caused the price to collapse from $ 57,000 to $ 42,000. This downward movement of 26.5% triggered the liquidation of $ 850 million in long BTC futures contracts, but more importantly, it pushed the “fear and greed index” to its lowest level since July 21.

Price of the Bitcoin / USD pair on FTX. Source: TradingView Somehow it is strange to compare the two events, as the July 21 low below $ 30,000 would have erased all gains in 2021. Meanwhile, the $ 42,000 low on December 4 is still a gain of 44 % so far this year. We compare this to the S&P 500, which was up 21% in 2021 and the price of oil, which has accumulated a 41% gain.

The bulls could focus on Bitcoin stocks held on exchanges, which continue to decline and are currently at the lowest level in 3 years. According to data from CryptoQuant, there are now less than 2.27 million BTC deposited on exchanges and there are fewer coins available for trading signals that investors are unwilling to sell in the short term. This is a dynamic that many investors consider optimistic.

Read the full article on Cointelegraph

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