Credit: Original article published by Coingape.

  • Bitcoin price fights to stay above the $56,000 shirt-term support; bulls look toward $60,000.
  • Bears likely to have their way amid the incoming options expiry as Bitcoin risks plunging under $50,000.

Bitcoin has assumed consolidation after stepping marginally above $56,000. The flagship cryptocurrency had experienced a 74% growth in three months before the April 18 declines to $51,000. Bitcoin had also hit a new all-time high of around $65,000 amid the hype of Coinbase listing on Nasdaq. However, as options expire on Friday, the price remains vulnerable to losses while bulls focus on reclaiming the ground above $60,000.

Bitcoin options expiry could determine price direction

About 27,320 Bitcoin contracts will expire on April 23, with a total value of approximately $1.5 billion ($56,000 exchange rate). At the moment, bears and bulls appear balanced mainly due to the call (buy) options averaging 45% of the open interest.

It is essential to keep in mind that neutral-to-bearish options make up the chunk of the contracts (19,930 BTC). Currently, the open interest holds at $1.13 billion, which accords bears a $450 million advantage. The recent crash from $64,000 liquidated most of the bulls and has left only 3,000 BTC call options under $58,000.

The four-hour chart shows Bitcoin trading within the confines of the short-term symmetrical triangle. This pattern does not have an exclusive bearish or bullish bias, adding credence to the dilemma. A break above the triangle’s upper trend line will likely send Bitcoin toward $60,000.

BTC/USD four-hour chart

BTC/USD price chart by Tradingview

On the downside, if support at $56,000 fails to hold and BTC starts to lose ground toward $55,000, declines are likely to increase toward $50,000. Note that bearish input from the put (sell) options) may add overhead pressure, forcing Bitcoin to seek refuge under $50,000.

Bitcoin intraday levels

Spot rate: $55,755

Trend: Bearish

Volatility: High

Support: $55,000 and $52,500

Resistance: $57,500 and $60,000

The post Bitcoin price in dilemma ahead of Friday options expiry, will bears have their way? appeared first on Coingape.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. CryptosOnline.com does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Categories:

Tags:

Comments are closed

Translate

Our Other Projects

EdgyBranding.com - Premium Domain Names.

Notezi.com - Social Network

ParisArtwork.org - Mid-century Paris NFTs, tokenized on the WAX blockchain.

NewYorkArtwork.org - Mid-century New York NFTs, tokenized on the Ethereum blockchain and offered on Rarible.

Dexize.com - Ultra-Priviate DEX.

ClassicAutomobile.org - Classic Automobile News.