Daily Trade News

Bears aim to pin Bitcoin price below $46K leading into Friday’s $3B



Bears aim to pin Bitcoin price below $46K leading into Friday’s $3B BTC options expiry

This week’s combination of bearish factors was enough to bring ‘s (BTC) price down to its lowest levels in 46 days, and this nearly obliterated 86% of the $2 billion September call (buy) options that expire on Sept. 24.

There’s still room for some surprises, especially considering the deadline is 8:00 UTC on Sept. 24. However, the incentives for the bears seem small because the sub-$40,000 test on Sept. 21 caused less than $250 million in futures contracts liquidations.

Bitcoin price at Coinbase (NASDAQ:) in USD. Source: TradingView
Bitcoin options aggregate open interest for Sept. 24. Source: Bybt.com

Bulls dominate BTC price but they are overconfident

Incentives are in place for bears to keep BTC below $46,000