Bitcoin

On August 15th, Bitcoin witnessed a marginal rebound above $56,000 amidst significant price fluctuations caused by the expiration of a substantial number of options contracts.Traders are eagerly observing whether the important support level will hold, as the impending expiration could lead to substantial volatility. With a total value of more than $1.4 billion, the <a href="https://optimisus.com/news/crypto-news/over-1-86-billion-in-bitcoin-and-ethereum-set-to-expire/" rel="noopener noreferrer nofollow">Bitcoin options are scheduled to expire at 8:00 a.m. UTC</a>. The result of this expiration could significantly influence the future price movement of Bitcoin in the upcoming days.Throughout history, option expiries have consistently been linked to increased volatility in the cryptocurrency market, and this current occurrence seems to follow the same pattern.The &#34;max pain point&#34; refers to the price level at which the majority of options contracts would become worthless, and it now stands at $60,000. Bitcoin is currently trading below this level, causing heightened market pressure as bears and bulls compete for dominance.The market sentiment has been ambivalent before this expiration, as <a href="https://optimisus.com/news/crypto-news/bitcoin-etfs-record-81-million-outflow-as-btc-drops-to-58k/" rel="noopener noreferrer nofollow">Bitcoin&#39;s price experienced a decline of about 4.5%</a> in the past 24 hours before a slight recovery.Several analysts warn that if the price drops below $56,000, it could result in additional decreases, potentially causing the main cryptocurrency to undergo a more significant correction.The current fluctuation in institutional opinion towards Bitcoin may soon shift in its favor, as a reversal in the flow of funds into exchange-traded funds (ETFs) and favorable macroeconomic conditions might reignite the demand for Bitcoin as a safeguard against inflation.As the options expiry approaches, the market is closely monitoring the situation, as it is expected to have a significant impact on Bitcoin&#39;s future direction for the remainder of the month.

Bitcoin (BTC) holds above $58K amid BTC options expiration

Optimisus

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