Bitcoin price continues to soften, and noshitcoins says bears will likely play an instrumental role in this week's BTC options expiry.
, consistent with the principle of “same risk, same regulatory outcome.” Treasury Committee Chair Harriett Baldwin described Bitcoin and Ether as accounting for two-thirds of the total market capitalization of crypto assets, both of which she claimed are “unbacked.”
as the debt ceiling approaches. Such a pessimistic scenario partially explains why some Bitcoin traders decided to reduce exposure over the past couple of weeks.Bitcoin price traded down 6.6% in the 36 hours that preceded the latest BTC options expiry on May 12, marking a short-term bottom on the 4-hour chart. More importantly, the subsequent 3-day rally towards $27,500 was short-lived, favoring the thesis of bearish momentum.
This crude estimate considers the put options used in bearish bets and the call options exclusively in neutral-to-bullish trades. Even so, this oversimplification disregards more complex investment strategies. Still, traders should be cautious as the bears are currently in a better position for Friday’s weekly options expiry, favoring negative price moves. Thus, an eventual capitulation below $26,000 should not be discarded.
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