Bitcoin (BTC) bulls were euphoric when the price soared to $69,000 on Nov. 10 because the 14.5% gain accumulated over five days meant they were in for a $715 million profit on Nov. 12’s options expiry.
However, the 9% negative price move on Nov. 16 caught bulls by surprise, especially since most of the call (buy) options for Nov. 19 have been placed at $66,000 or higher. Curiously, that price level has been the exception rather than the norm.
Bears…
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