Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry By Cointelegraph

Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry

Cryptocurrency May 19, 2022 04:00PM ET

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Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry

Over the past nine days, Bitcoin's (BTC) daily closing price fluctuated in a tight range between $28,700 and $31,300. The May 12 collapse of TerraUSD (UST), previously the third-largest stablecoin by market cap, negatively impacted investor confidence and the path for Bitcoin' price recovery seems clouded after the Nasdaq Composite Stock Market Index plunged 4.7% on May 18.

Disappointing quarterly results from top United States retailers are amping up recession fears and on May 18, Target (NYSE:TGT) (TG) shares dropped 25%, while Walmart (NYSE:WMT) stock plunged 17% in two days. The prospect of an economic slowdown brought the S&P 500 Index to the edge of bear market territory, a 20% contraction from its all-time high.

Bitcoin options aggregate open interest for May 20. Source: CoinGlass

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US 500	4,229.6	+19.4	+0.46%
Dow Jones	33,486.41	+176.90	+0.53%
S&P 500	4,229.56	+19.32	+0.46%
Nasdaq	12,859.69	+4.89	+0.04%
S&P 500 VIX	20.18	+0.44	+2.23%
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Amazon.com	141.70	-0.99	-0.69%
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Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry

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