Thursday, September 29

$ 6.1bn Bitcoin Options Expiration Failed To Break Bearish Sentiment By CoinTelegraph

© Reuters. $ 6.1 billion Bitcoin options expiration failed to break bearish sentiment

The price of () has ranged between $ 46,000 and $ 52,000 for 26 days. Despite the large nominal maturity of year-end options of $ 6.1 billion, the bullish and bearish instruments were balanced between $ 44,000 and $ 49,000.

Therefore, it is not surprising that the price of $ 47,175 at 8:00 UTC on December 31 barely changed the price structure. Even the 3% rally to $ 48,500 that followed the event could not hold, indicating that the bears are unwilling to give up their lead.

  • The price of Bitcoin has risen between 7% and 36% in the first week of January of every year since 2018

Price of the Bitcoin / USD pair on Coinbase (NASDAQ :). Source: TradingViewThe bulls could have interpreted Coinbase’s 24-hour exit of 9,925 BTC as a positive trigger, considering there are fewer coins available on exchanges for newcomers. Additionally, the first week of the year has been positive for the past four years, with an average gain of 18.5% for Bitcoin holders.

Read the full article on Cointelegraph

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