Bitcoin price hangs in the balance — Friday’s $2.26B BTC options could result in more downside
Bitcoin bears benefit from the current macroeconomic uncertainty and are aiming for a $270 million profit if the BTC price falls below $25,000. Bitcoin’s price failed to break above $27,500 for the fourth time in 12 days on May 23. The subsequent 24-hour rejection down to $26,100 might seem small in absolute terms, but it potentially represents the lowest daily close in 68 days. As the deadline for the Bitcoin (BTC) monthly options expiry on May 26 approaches, the fate of the $2.26 billion open interest could determine whether the recent bearish trend will prevail, opening room for a correction down to $25,000 or lower. Bitcoin price and the U.S. debt ceiling debate Analysts argue that even if the United States government is able to raise the debt ceiling ahead of the June 1 deadline, risk-on assets such as stocks and cryptocurrencies could suffer, as the offer of new U.S. Treasurys would drain liquidity from the market. The incentives for fixed income are in place as the one-year in...