On Friday, June 11, a total of $565 million in Bitcoin (BTC) options are set to expire. This is significant because the last couple of weeks have been a massive deception for bulls. After all, the price was struggling to sustain the $33,000 support.
However, an unexpected bullish turn of events led to an 18.5% hike from the $31,000 low on June 8 to $38,491 today. This strong move saved the bulls because any level below $34,000 would have wiped 98% of the current call (buy) options.
Who saved the day?
First, MicroStrategy, a publicly-traded company that holds over $3.2 billion worth of Bitcoin, concluded a $500 million bond offering on June 8, and the proceeds will be used to buy more BTC.
On the same day, El Salvador’s Legislative Assembly approved Bitcoin as legal tender in the country. President Nayib Bukele stated that accepting Bitcoin would be mandatory for all businesses. Furthermore, the government announced that it would eventually hold $150 million