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Bitcoin falls to two-week lows as $6 billion in options set to expire — What’s next?

Bitcoin has fallen through its recent support at $53,000 as volatility picks up before a record options expiry event.
Bitcoin’s (BTC) price has been in retreat, down 20% since the recent all-time high at $62,000 in mid-March. As crypto markets are frequently volatile, this may very well be another normal pullback within the current bull cycle. Corrections are needed to generate strength for further upward momentum as markets can’t go up in a straight line. Additionally, a record $6 billion expiration of options is expected on March 26, which often brings some volatility. It is also quite common for the market’s momentum to shift momentum once the options expiration date comes and goes. $53K level has to become support to gain bullish momentum BTC/USD 4-hour chart. Source: TradingViewThe 4-hour chart shows an apparent downtrend since the recent all-time high at $62,000 with bearish support/resistance flips. Regardless, Bitcoin’s price has rejected the critical resistance zone at $56,500 in the latest rally after Tesla announced it has started accepting (and holding) BTC in the United States for its vehicles. As that price level couldn’t break for more upside, renewed tests of the $53,000 support zone were inevitable. Given that the $53,000 support zone has been tested multiple times in recent weeks, it became likely that this level may not hold this time around. Therefore, the price collapsed on March 25 and dropped to as low as $51,500. Hence, Bitcoin’s price must now regain the $53,200-$53,800 area to revive any bullish momentum in the near term. If …
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