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Bitcoin traders put eyes on $31K even as $2B in BTC options expire on Friday

Published 07/27/2023, 08:43 PM
Updated 07/28/2023, 04:20 AM
© Mundo Crypto PR

The upcoming $2 billion Bitcoin (BTC) monthly options expiry on July 28 could potentially establish $29,500 as a support level. Some argue that the recent United States Federal Reserve interest rate increase to 5.25% had a detrimental effect on risk-on assets like cryptocurrencies. However, Bitcoin bulls believe that the full impact of a tighter economic policy takes time to influence the markets.

Bitcoin daily price movements during option expiries. Source: TradingView

Looking back, the monthly expiry on June 30 did not cause significant volatility, given that Bitcoin had already experienced a 22.2% gain between June 15 and June 23. Conversely, the May monthly expiry triggered a 9% rally, with Bitcoin’s price rising from $26,100 on May 25 to $28,450 on May 29.

Deribit Bitcoin options aggregate open interest for July 28. Source: Deribit

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