On June 4, a total of 15,530 Bitcoin (BTC) options are set to expire, which represents $575 million in open interest. At the moment, bulls are still heavily impacted by May’s 37% BTC price correction, and this has led most call (buy) options to be underwater.
Despite the crash, Bitcoin’s active supply reached a five-month low as 45% of the coins have not been moved over the past 2 years. This indicator shows that investors who purchased up until the 2019 bull run are unwilling to sell at the current prices.
Miners are also avoiding sales below $40,000 as their outflows recently reached a seven-month low relative to the historical average.
In the meantime, technical analysts pointed to the 50-week exponential moving average as a strong support level close to $34,000. Still, the price chart has been forming a pattern of sideways trading that culminates in a narrowing wedge and breakout — known as “compression” — and indicating higher volatility towards the