January 27, 2023

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Here’s why Bitcoin price could tap $21K before Friday’s $510M BTC options expiry

1 min read
Here’s why Bitcoin price could tap K before Friday’s 0M BTC options expiry

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A few more dips below $19,000 would not be surprising

Bitcoin bears need to push the price below $19,000 to secure an $80 million profit. On the other hand, the bulls’ best-case scenario requires a pump above $21,000 to flip the tables and score a $150 million gain.

Bitcoin bulls had $80 million in leveraged long positions liquidated on Oct. 12 and Oct. 13, so they should have less margin than is required to drive the price higher. Consequently, bears have higher odds of pinning BTC below $19,000 ahead of the Oct. 21 weekly options expiry.