Bitcoin derivatives data suggests bears will pin BTC below $21K leading in Friday’s options expiry
— Calls, Leading, Million, Options, Suggests, Result, Data, Fridays, Derivatives, Puts — 1 min read
Bitcoin (BTC) traders would rather see a sharp price correction and a subsequent recovery than agonize for multiple months below $24,000. Most traders are holding back their bullish expectations until BTC posts a daily close above the $22,000 resistance. Bitcoin’s correlation to the S&P 500 remains incredibly high and investors fear a potential crisis in the global financial sector will inevitably lead to a retest of the $17,600 low from June 18. On July 14, U.S. Treasury Secretary Janet Yellen warned inflation is "unacceptably high" and she reinforced the support of the Federal Reserve's efforts. On the other hand, the bulls' best-case scenario requires a push above $20,000 to balance the scales. Source