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NewsBTC 2022-09-26 18:28:06

Why Bitcoin Bulls Might Be Ready To Breach $20,000 Into The Monthly Close

Stuck right below its 2017 all-time high, Bitcoin is moving sideways with low volatility over the past few days. The crypto market is preparing to close another monthly candle in the coming days. This event is set to move BTC and other cryptocurrencies, but in what direction? Related Reading: TRON Showing Hints Of A Major Rebound After A Week Of Rout At the time of writing, Bitcoin (BTC) trades at $19,000 with 0.4% profit and a 2% loss in the last 24 hours and 7-days, respectively. The benchmark cryptocurrency has been one of the worst performing assets in the top 10 by market cap as XRP (+30%) and Solana (+7%) take the lead. Bitcoin Option Expiry Will Bring Volatility To The Market The current status quo in the market might be coming to a decision as this monthly candle close will coincide with the expiration of over 100,000 BTC in option contracts. This event often brings volatility to the market as big players push to move the price closer to their strike price. Data from Coinglass indicates that there is over $5 billion in open interest for Bitcoin options, as big players unwind their positions and shift them, the cryptocurrency is likely to see more action. According to the team behind KingFisher, a platform to view data on crypto derivatives, the more likely scenario is to the upside. In the short term, as monthly close, and options expiry kick in, the price of Bitcoin could quickly trend towards $20,000. Volatility migh...

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