17 hour ago
0 0
Bitcoin Price Faces $91,000 Support Amid $3.4B Options Expiry
- Bitcoin's price is testing crucial support levels with $3.4 billion in options set to expire on December 5.
- BTC has rebounded nearly 10% from weekly lows but remains below the key resistance level of $93,200.
- The price is trading within a descending pattern, reflecting a short-term downtrend after November highs.
- A drop below $91,000 could lead to further declines towards the $90,000–$90,500 support zone.
- Bulls need to reclaim $93,200 to break the current pattern of lower highs and invalidate the bearish trend.
- BTC miners have increased their reserves by $220 million amid these movements.
- Options expiry involves 36,906 contracts with the maximum pain point at $91,000.
- The Put-to-Call ratio stands at 0.91, indicating balanced trader sentiment with a slight lean towards hedging.
- Despite volatility, some analysts maintain optimism for Bitcoin’s sustained uptrend. Analyst Javon Marks suggests BTC's bullish structure is intact with potential for reaching all-time highs of $126,230.
- However, analyst Michael van de Poppe warns that losing current support might push BTC back to $85K before any upward movement.
