$20B Bitcoin Options Expiry Set To Benefit BTC Bulls
Bitcoin traders are monitoring a $20 billion monthly options expiry on June 27. Bitcoin has decreased by 1.72% over the past month, but recent price recovery may allow bulls to establish support at $105,000, crucial for reaching new all-time highs. Open interest shows $11.2 billion in call options versus $8.8 billion in put options, with $7.1 billion of puts at strike prices of $101,000 or lower, favoring bullish positions. Market strength is attributed to a dovish stance from Federal Reserve Chair Jerome Powell, suggesting potential interest rate cuts if inflation remains low. The S&P 500 index has reached a four-month high, prompting speculation that investors may shift from bonds to riskier assets like Bitcoin. Bears need to push Bitcoin below $101,500 by June 27 to minimize losses, while bulls aim to keep it above $106,000 to set up for a potential rally in July, especially if ETF inflows continue.
