Bitcoin bears attempt to pin BTC price under $23K ahead of this month’s options expiry
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Bitcoin’s (
The FED’s tightening policy is the bears’ best shot
Bitcoin bulls must push the price above $24,500 on Feb. 24 to secure a potential $480 million profit. On the other hand, the bears’ best-case scenario requires a 3.5% price dump below $23,000 to minimize their losses.
Considering the negative pressure from the FED’s desire to weaken the economy and contain inflation, bears have good odds of improving their situation and settling with a $40 million loss on Feb. 24. This movement might not be successful, but it is bears’ only way out of multi-million losses on the BTC monthly options expiry.
Looking at a broader time frame, investors still believe the FED is destined to reverse the current monetary policy in the second half of 2023 — possibly paving the way for a sustainable rally ahead of the April 2024 Bitcoin block reward halving.
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