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Bitcoin Bulls Face Tough Battle Ahead of $6.5 Billion Options Expiry Amid High Hopes and External Influences

Bitcoin Bulls Face Tough Battle Ahead of $6.5 Billion Options Expiry Amid High Hopes and External Influences


CryptoIntelligence
2024-05-29 22:33:00

Bitcoin investors are known for their bullish outlook, and despite multiple failed attempts to sustain prices above $71,000, derivatives betting on $80,000 and $90,000 continue to rise. This is driven by expectations of high-volatility events such as geopolitical tensions, socio-political changes, U.S. presidential support, and increased corporate adoption of Bitcoin. Bitcoin bulls were overly optimistic, betting on $72,000 or higher Bitcoin’s $6.5 billion options expiry on May 31 is a prime example. Bulls’ failure to break the $70,000 resistance over the past week suggests these optimistic call (buy) options may become worthless. Notably, 91% of these instruments were placed at


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