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Bitcoin bears need BTC price to go below $27K ahead of Friday's $900M options expiry

Published 05/11/2023, 08:26 AM
Updated 05/11/2023, 09:20 PM
© Reuters.

The $900 million Bitcoin weekly options expiry on May 12 might play a decisive role in determining whether the price will succumb to falling below $27,000.

Bitcoin (BTC) bears will try to take advantage of macroeconomic headwinds, Silk Road coins' FUD — fear, uncertainty and doubt — and uncertainty caused by Bitcoin’s transaction fee spike to pull Bitcoin's price down in the next few days.

Bitcoin four-hour price movements during option expiries. Source: TradingView
Bitcoin options aggregate open interest for May 12. Source: CoinGlass

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