Bitcoin price might have corrected in the face of negative newsflow on Jan. 18, but noshitcoins says bulls will defend the $20,000 level in order to profit from this week’s $580 million options expiry.
) price has held above $20,700 for 4 days, fueling bulls' hope for another leg up to $23,000 or even $25,000. Behind the optimistic move was a decline in inflationary pressure, confirmed by the December 2022 wholesale prices for goods on Jan. 18.
This week's Jan. 20, $580 million BTC options expiry looks like an easy win for bulls because the surprise 7-day 23% rally above $21,000 caused most bearish bets to become worthless. The recent move has holders calling a market bottom and the potential end to the bear market, but the options market might hold the answer.It might seem like distant reality right now, but Bitcoin was trading below $17,500 just 7 days ago. As the weekly options expiry on Jan.
This crude estimate considers the call options used in bullish bets and the put options exclusively in neutral-to-bearish trades. Even so, this oversimplification disregards more complex investment strategies.
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