Value

Bitcoin

Billion

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s hold on the $60K range-low is at risk due to the expiration of $6.6 billion options.</li> 
 <li>Despite expected volatility, QCP Capital believes Bitcoin will maintain the $60K support.</li> 
</ul>  
<p>Bitcoin’s [BTC] hold on the $60K range-low is currently under threat due to the impending expiration of $6.6 billion in options. </p> 
<p>This marks the fifth time BTC has revisited this level, having previously retreated to $56K and $58K. </p> 
<h2 id="options-expiry-and-market-volatility">Options Expiry and Market Volatility</h2> 
<p>About $10 billion of crypto options are set to expire on June 28th, with $6.6 billion being BTC options. </p> 
<p>This could lead to increased market volatility and potentially break BTC’s range-low support. </p> 
<p>The max pain for BTC options is currently at $57K. This is the level that presents the least financial risk to market makers before the options expiry. </p> 
<p>Market makers often drive prices towards the max pain level to minimize losses. </p> 
<h2 id="qcp-capital-s-stance">QCP Capital’s Stance</h2> 
<p>Despite the expected volatility, crypto trading and hedge firm QCP Capital is confident that BTC will defend the $60K support. </p> 
<p>The firm points to easing sell pressure from the German government and an increase in inflows on US BTC ETFs as reasons for their optimism. </p> 
<p>However, if BTC prices fall further, short-term investors holding BTC at a loss may panic sell, potentially denting this optimistic outlook. </p> 
<p>A CryptoQuant analyst also noted that BTC had dropped below the short-term realized price of $62.6K, which could increase sell pressure. </p> 
<p>Despite potential market manipulation towards $57K, the data suggests that BTC could reclaim $60K and retest $62.6K. </p>

Can Bitcoin Uphold $60K Value Amidst $6.6 Billion Options Expiry?

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2024년 6월 28일에 게재된 다른 기사

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