Bitcoin Price Hangs In The Balance — Friday’s $2.26B BTC Options Could Result In More Downside | Old North State Wealth News
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Bitcoin price hangs in the balance — Friday’s $2.26B BTC options could result in more downside



© Reuters.

Bitcoin’s price failed to break above $27,500 for the fourth time in 12 days on May 23. The subsequent 24-hour rejection down to $26,100 might seem small in absolute terms, but it potentially represents the lowest daily close in 68 days.

As the deadline for the (BTC) monthly options expiry on May 26 approaches, the fate of the $2.26 billion open interest could determine whether the recent bearish trend will prevail, opening room for a correction down to $25,000 or lower.

Bitcoin options open interest for May 26. Source: Deribit

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