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The expiration of Bitcoin (BTC) options this Friday, July 21, could strengthen the $30,000 resistance level and potentially give bears an advantage for the first time since the 21% rally between June 14 and June 21. Let’s take a closer look at BTC’s price movement!
Possible Scenarios for Bitcoin!
An analysis of Bitcoin’s recent price movement suggests that three out of the last four BTC options triggered significant price movements. This makes it crucial for investors to closely monitor these events. In particular, the price of Bitcoin has consistently shown strong reactions after the expiration of weekly options. The magnitude of price fluctuations can guarantee cautiousness until the expiration of the weekly term on July 21.
While the expiration of this week’s options could give bears temporary control over Bitcoin’s price in the short term, bulls have the potential advantage of the Securities and Exchange Commission’s (SEC) review of spot exchange-traded fund proposals. Although these proposals are still in the early stages of regulatory review, slow progress could partially explain why bears have managed to defend the $31,000 level multiple times since the end of June.
However, the chances of keeping Bitcoin’s price below $30,000 could stem from a deteriorating regulatory environment. On July 19, global stock exchange Nasdaq suspended the launch of its cryptocurrency custody solution due to regulatory uncertainty in the United States. The plan change was justified by Nasdaq CEO Adena Friedman. Additionally, on July 14, cryptocurrency exchange Coinbase announced the suspension of staking services for its customers in California, New Jersey, South Carolina, and Wisconsin.
Bitcoin Price Forecast!
The decision came after a June 6 lawsuit in which the SEC accused the exchange of operating as an unregistered securities dealer since 2019. The excessive optimism of Bitcoin bulls could lead to a disappointing outcome. Bitcoin’s price briefly exceeded $31,000 on July 13 and 14, fueling the bullish claims of investors using options contracts. However, a four-hour correction brought the price back down to $30,000.
As a result, if Bitcoin’s price falls below $30,000, bullish claims may become invalid, putting bulls in a challenging position. Therefore, a positive outcome of $35 million for bears may not be a significant gain, but it could increase the chances of $30,000 becoming a new resistance area.
