Bitcoin bulls risk losing $365 million upon Friday’s BTC options

Bitcoin’s (BTC) price action hasn’t been bullish despite the $69,000 all-time high on Nov. 10. Some argue that th descending channel formed 40 days ago is the dominant trend, and $56,000 marks its current resistance.

Such bearishness follows scrutiny from United States regulators, after a Nov. 1 report from the President’s Working Group on Financial Markets suggested that stablecoin issuers in the United States should be subject to “appropriate federal oversight,” similar to banks and savings associations.

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