Bitcoin price searches for direction ahead of this week’s $710M BTC options expiry
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Could weak U.S. mortgage applications could benefit BTC bulls?
Bitcoin bulls must push the price above $24,000 on March 3 to secure a potential $110 million profit. However, data from an announcement from the Mortgage Bankers Association on March 1 might turn the tide favorably for BTC. The weekly volume of mortgage applications declined by 44% versus the same period in 2022, hitting the lowest level in 28 years.
Considering the negative pressure from regulators and investors’ eying the next Fed decision on March 22, bears have good odds of pressuring BTC below $23,000 and profiting by $85 million in the March 3 weekly options expiry. Still, there’s hope for Bitcoin bulls depending on how traditional markets react to the bearish mortgage applications data.
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