Bitcoin's upcoming options expiry on August 29, which involves $13.8 billion, is raising concerns among bulls following a recent 9.7% price correction. The price drop to $112,100 represents Bitcoin's lowest point in six weeks, intensifying bearish sentiment ahead of the expiry. With $7.44 billion in open interest for call options compared to $6.37 billion for put options, the market looks precarious. Traders initially exhibited strong bullish confidence with bets set at prices above $125,000, but optimism waned as prices fell, shifting focus to put contracts. The expiry's outcome heavily depends on Bitcoin's price at 8:00 am UTC on August 29, with key resistance at $114,000 where bears are likely to exert significant pressure. Successful bullish strategies would require Bitcoin to maintain trading above $116,000. Economic factors, including Jerome Powell's upcoming comments about the Federal Reserve, are expected to influence investor sentiment and market behavior, particularly following concerns raised by Morgan Stanley regarding tech sector spending.

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