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As Bitcoin flirted with the $70,000 mark on Monday morning, analysts at Bitfinex issued a cautionary note, suggesting the rally might be short-lived due to an impending significant options expiry.
<a href="https://crypto.news/tag/bitfinex/" target="_blank" rel="noopener noreferrer nofollow">Bitfinex</a> analysts predicted in a note that they expect “potential further downward pressure” on the price of Bitcoin (<a href="https://crypto.news/price/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) as the monthly expiry of around $2.2 billion is set to occur on Aug. 2.
They suggest this event could cause Bitcoin to stall or even pull back slightly from the $68,000-$69,000 resistance zone. Despite the risk of a pullback, the analysts highlight that leveraged long positions are currently more influential than spot market activities.
“[…] thus while the market is in a firm higher timeframe uptrend, a short-term price decline or range is likely, and if the options market positioning is any indication, directional trades, especially leveraged should be avoided,” Bitfinex noted.
On Monday morning, Bitcoin briefly <a href="https://crypto.news/bitcoin-breaks-70k-after-trumps-nashville-remarks/" target="_blank" rel="noopener noreferrer nofollow">traded</a> at $70,000, a level not seen since June 7, before losing all momentum and trading below $67,000 by the afternoon trading session.
<h2 class="wp-block-heading" id="broader-macroeconomic-environment">Broader macroeconomic environment</h2>
Regarding the broader macroeconomic environment, Bitfinex analysts described the economic outlook as “cautiously optimistic.” They highlighted that the housing market remains a “drag on growth” due to higher-than-expected median house prices affecting existing home sales.
As previously <a href="https://crypto.news/bitcoin-breaks-70k-after-trumps-nashville-remarks/" rel="noopener noreferrer nofollow">reported</a> by crypto.news, July has historically been a positive month for Bitcoin. This year, the cryptocurrency gained over 15% in the last 30 days and recorded more than $19 billion in year-to-date inflows, marking a new record. Data from CoinShares shows Bitcoin products received nearly $520 million in capital between July 22 and July 26, pushing Bitcoin’s inflows past the $3.6 billion mark for the year.
Read more: <a href="https://crypto.news/microstrategy-stock-rises-as-bitcoin-price-pierces-the-falling-wedge/" rel="noopener noreferrer nofollow"> MicroStrategy stock rises as Bitcoin price pierces the falling wedge </a>

Bitcoin price may consolidate as $2.2b options expiry looms, analysts warn

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