$600M in Bitcoin options expire on Friday, giving bears reason to pin BTC under $16K

$600M in Bitcoin options expire on Friday, giving bears reason to pin BTC under $16K


No one can blame Bitcoin (BTC) bulls for placing bets at $20,000 and higher for the $600 million weekly options expiry on Nov. 18. After all, this level had provided a solid resistance since Oct. 25 and held for almost two weeks.

However, the base scenario changed abruptly on Nov. 8 after a liquidity crisis halted withdrawals on the FTX exchange. The movement surprised traders and over a 48-hour timespan, over $290 million in leverage buyers were liquidated.

Bitcoin/USD price index, 12-hour chart. Source: TradingView

Trending: THE JIG IS UP! The Secret Sauce Behind How They Steal Elections Has FINALLY Been Revealed…It’s All HERE!

The market quickly adjusted to the news, ranging from $15,800 to $17,800 for the past seven days. At the moment, investors are afraid that contagion risks might force other key players to sell their cryptocurrency positions.

FTX held significant deposits from key industry

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Daily Truth Report • DailyTruthReport.com
Thanks for sharing!
Send this to a friend