Bitcoin Price Stalls At $58K With $1.4B BTC Options Set To Expire As Analysts Predict This SHIB 2.0 Could 100X
The Bitcoin price rose by a fraction of a percentage in the last 24 hours to trade at $58,346 as of 03:36 a.m. EST on trading volume that surged 5% to $34 billion. This comes as around 24,300 Bitcoin options contracts expire today, with a notional value of around $1.4 billion. Will Bitcoin fall after the options expire, having stalled around $58K in the last two days? Bitcoin Price Could Rebound The Bitcoin price movements in July formed a rounding top pattern as the bears took control of the price and drove it to the $49,000 support. However, in August, the price of Bitcoin invalidated the bearish sentiments of the pattern, soaring to the $63,000 resistance, according to data from GeckoTerminal. BTC has since been trading within a falling channel pattern, but the price bulls aim for a price rebound over the channel. The price of Bitcoin still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), supporting the bearish movements from its resistance level. More...