Bitcoin Options contracts worth $6 billion are set to expire today as all eyes are set on Bitcoin price. Historically, Bitcoin Options expiry has turned out to be a bullish event as the past three months have seen BTC price first register a correction post expiry of contracts followed by a bounce-back of 80%, 99%, and 44% respectively.
6B in Bitcoin options contracts expire today, a record.
The last three months have seen price suppression into the close, followed by price increases of 80%, 99%, and 44%.
April has historically been the most bullish month for $BTC.
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— The Wolf Of All Streets (@scottmelker) March 26, 2021
Bitcoin price also shows higher volatility in the week leading up to the expiry of Bitcoin contracts which was evident as Bitcoin price fell to $50,818 yesterday falling over 6% for the day. The price has recovered since then and currently trading at $53,209 with a 2% rise over the past 24 hours. The month of March is also seen as the bearish month given the 2020 March mayhem that saw BTC price retrace by nearly 50%, while the month of April is considered one of the most bullish ones.
Bitcoin price this year has recorded a new ATH every month followed by a sharp correction ranging from 10%-25% and then a bounce back. BTC reached a new ATH of $61,683 this month and fell below to sub $50K levels since then.
The ‘Max-Pain’ For Today’s Expiry is $44,000
Max-Pain is a market theory that suggests the price of bitcoin would tend towards the …
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