Bitcoin price is pinned below $20,000, but noshitcoins says bulls could target $21,000 going into the October 21 $510 million BTC options expiry.
) has been trying to break above the $20,500 resistance for the past 35 days, with the latest failed attempt on Oct. 6. Meanwhile, bears have displayed strength on four different occasions after BTC tested levels below $18,500 during that period.Investors are still unsure whether $18,200 was really the bottom because the support level weakens each time it is tested. That is why it’s important for bulls to keep the momentum during this week’s $510 million options expiry.
If Bitcoin's price remains above $19,000 at 8:00 am UTC on Oct. 21, only 4% of these put options will be available. This difference happens because a right to sell Bitcoin at $18,000 or $19,000 is worthless if BTC trades above that level on expiry.Below are the four most likely scenarios based on the current price action. The number of
This crude estimate considers the put options used in bearish bets and the call options exclusively in neutral-to-bullish trades. Even so, this oversimplification disregards more complex investment strategies.
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