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Friday’s $2.25B Bitcoin options expiry might prove that $17.6K wasn’t BTC’s bottom

Cryptocurrency Jun 22, 2022 02:40PM ET

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Friday’s $2.25B Bitcoin options expiry might prove that $17.6K wasn’t BTC’s bottom

Friday’s $2.25B Bitcoin options expiry might prove that $17.6K wasn’t BTC’s bottom

Bitcoin (BTC) has been trying to break out of a descending trend for the past week and the first attempt on June 16 failed to break the $22,600 resistance. The second attempt at $21,400 on June 21 was followed by an 8% price correction. After two failed breakouts, the price currently trades below $20,000 and raises questions on whether $17,600 was really the bottom.

Bitcoin/USD 4-hour chart at Coinbase (NASDAQ:COIN). Source: TradingView

The longer it takes for BTC to break from this bearish pattern, the stronger the resistance line becomes and traders are following the trend closely. That is precisely why it’s important for bulls to show strength during this week’s $2.25 billion monthly options expiry.

Bitcoin options aggregate open interest for June 24. Source: CoinGlass

Continue Reading on Coin Telegraph

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Comments (2)

jason xx Jun 22, 2022 4:11PM ET

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BTC's market cap is 400 billion I think it can handle 2 billion in opex

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Mat Mat Jun 22, 2022 4:05PM ET

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Drama - Tulipomania again at the end ppl will need thousands of bitcoins to buy coca-cola ;) waste of money

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jason xx Jun 22, 2022 4:05PM ET

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In other words you are getting to miss out on the 4th 100X plus BTC rally like the RE T. AR. D you are? Congrats

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Mat Mat Jun 22, 2022 4:05PM ET

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I agree only with one, that was a great example of speculation but now game is over and bilions of dollars are trying to escape from the market but they are blocked ;)) I can’t understand why you are trying to explain me ones again that what I saw on charts ;) opportunity? So I belive you are now millionaire tradynig on cryptos ;) you are funny for me, only that and take a lesson how Tulipomania was ended ;) cry and drama. What a funny guy? ;)

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