$700 million in BTC options expire on Friday, and derivatives data signals that bears are positioned to profit from a sub-$45,000 Bitcoin price…
This week’s price action shows Bitcoin bulls were a bit overzealous about Friday’s $3 billion BTC options expiry.
Derivatives data show the market is dominated by longs and that top traders added leverage as BTC price rallied to $46,300.
Bitcoin price briefly surged above $35,000 to spark a relief rally in altcoins but a number of bearish factors still surround BTC.
Derivatives data for Bitcoin weekly options suggests bears may have the upper hand in tomorrow’s $930 million expiry.
Bitcoin is “not going to bounce right back,” said Mike Novogratz right before it bounced back to the $42,000s.