Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

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

Published 06/22/2022, 01:01 PM
Updated 06/22/2022, 02:40 PM
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

Latest comments

BTC's market cap is 400 billion I think it can handle 2 billion in opex
Drama - Tulipomania again at the end ppl will need thousands of bitcoins to buy coca-cola ;) waste of money
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
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? ;)
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.