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

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. 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.

Trending: FOX NEWS Host Jesse Watters Asks: Was Someone Else In Paul Pelosi’s Vehicle When It Crashed? [VIDEO]

Regulatory uncertainty continues to weigh down on crypto markets after European Central Bank

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!

Thanks for sharing!
Send this to a friend