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Here's why Bitcoin bears aim to pin BTC under $39K ahead of Friday's $1.9B options expiry

Published 04/27/2022, 01:40 PM
Updated 04/27/2022, 07:20 PM
Here's why Bitcoin bears aim to pin BTC under $39K ahead of Friday's $1.9B options expiry

Up until April 25, Bitcoin (BTC) bulls had been defending the $38,000 level, but bulls were caught off-guard by the recent drop. As Bitcoin plunged from $46,700 to $37,700 between April 5 and 26, most of the bullish bets for the upcoming $1.96 billion monthly options expiry became worthless.

Regulatory concerns continue to pose a threat to Bitcoin and on April 26, the New York State Assembly passed a bill banning new proof-of-work (PoW) cryptocurrency carbon-based mining facilities in the state. Fortunately for Bitcoin, mining equipment is portable so there's no real risk to the Bitcoin network's security but the steady threat of anti-crypto legislation can have an impact on price.

Bitcoin options aggregate open interest for April 29. Source: CoinGlass

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