The crypto market’s lack of volatility has been one of the most discussed topics among traders and investors, especially that of Bitcoin. In the past few weeks, Bitcoin has been trading between $18,000 and $19,000.
Currently, Bitcoin is changing hands at $19,126 after a drop of 0.55% over the last 24hrs. Immediate resistance is around $19,200 and support is at $19,000.
It’s been observed that since the start of September, Bitcoin bulls are trying their best to push the currency above $20,500. Recent attempt was on Oct 6 where bears managed to drag Bitcoin below $18,500
Bitcoin Bulls vs Bears
On the other hand, this week around $510 million Bitcoin options are set to expire which is an important event for bears as this will help them continue its action. However investors are still uncertain about Bitcoin bottom due to its prolonged bearish trend.
The battle between bulls and bears is quite strong now. Earlier bears had bet that by Oct 13, Bitcoin will drop at $17500 instead of $19,000. Now, as the King currency holds on to its $19,000 range, we can say that bulls are getting stronger.
Currently, bulls who believe stocks will rise are placing their bet saying Bitcoin will trade between $18,000 and $22,000 for the option contract tomorrow, Oct 21.
Hence, if the flagship currency plunges below $19,000, bears will make a profit of $80 million and if Bitcoin rises above $21,000 there will be a profit of $150 million. However, with Bitcoin’s long time bear movement the price action below $19,000 looks more feasible.
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