Bitcoin holds $30K as bulls flaunt their advantage in Friday’s $715M BTC options expiry

Bitcoin’s 15% rally toward $30,300 between June 19 and June 21 caught most traders by surprise, triggering $125 million in liquidations of leveraged short futures contracts. Narrowing down the trigger for the rally is complicated, but some analysts point to the potential inflow of institutional investors if BlackRock’s

Bears will likely try to downplay the multiple Bitcoin ETF applications, including BlackRock’s and WisdomTree’s. Meanwhile, bulls should closely monitor the regulatory changes, including the ongoing investigation of Binance in France, as the Paris Prosecutor’s Office reportedly cited “acts of illegal exercise of the function of a service provider on digital assets (PSAN), and acts of aggravated money laundering.”

The critical level for the weekly expiration is $28,000, but it is impossible to predict the outcome due to increased cryptocurrency regulatory risks. If bulls are able to profit $250 million or higher, those funds will most likely be used to further strengthen the $28,000 support.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.