How Bitcoin Price Will Perform On June 24th With $2.25b Bitcoin Options To Expire!
Last week, Bitcoin attempted to smash the declining trend with an initial effort on June 16 but failed to clear through the $22,600 barrier. The next try at $21,400 on June 21 was met with an 8% pullback.
Following two unsuccessful breakthroughs, the price is currently trading beneath $20,000, raising the question- ‘Was $17,600 the bottom?’
The more Bitcoin tries to breach out of this negative pattern, the tighter the resistance line gets, and traders are keeping a careful eye on the movement. For the situation to improve, bulls must demonstrate power at this week’s $2.25 billion monthly options maturity.
Potential barriers weighed heavily on crypto markets as European Central Bank (ECB) president Christine Lagard expressed her belief in the importance of stricter regulation.
Bitcoin miners are being compelled to liquidate their BTC holdings, putting additional downward pressure on the BTC market. According to Arcane Research, publicly-traded Bitcoin mining businesses liquidated 100% of their BTC output in May versus the average of 20% to 40% in prior months.
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