Bitcoin touches $30K as BTC bulls well-positioned for weekly $3.2 billion options expiry

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BTC bears mass-liquidated in leverage shorts

Bitcoin bulls will likely be satisfied with $575 million profits if they fail to break the $30,000 resistance. Meanwhile, bears need a 6.5% price drop from $29,800 to reduce their losses to $150 million. However, leverage bets on the price downside using futures contracts recently saw $166 million in forced liquidations—leaving less room for bears to maneuver.

Given the bullish momentum that the First Republic Bank issues have generated, Bitcoin bulls are in a good position for the April $3.2 billion BTC monthly options expiry.

Most likely, those profits will be used to further strengthen the $28,000 support with the BTC price now well above $29,000, so the expected outcome is especially concerning for bears.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.