From the beginning of the year 2021 until the moment, the Bitcoin currency BTC has witnessed a growth of 89%.
In the past few days, Bitcoin fell to the level of 51 thousand dollars, after hitting a new record at about 65 thousand dollars, after the hype and media momentum related to the listing of “Coinbase” on the Nasdaq Stock Exchange.
Currently, Bitcoin fluctuates between $ 54,000 and $ 56,000.
Many observers are expecting the bitcoin price to break down next Friday, April 23rd due to the expiration of the Bitcoin options.
Currently, the Bitcoin price remains vulnerable to losses while the bulls are focused on restoring the $ 60,000 level.
The expiration of bitcoin options can set the price trend:
About 27,320 bitcoin contracts will expire on April 23, with a total value of about $ 1.5 billion (exchange rate of $ 56,000).
For now, the bulls and bears appear to be mainly balanced by long options that average 45% of open interest.
Currently, the open interest is $ 1.13 billion.
The recent collapse of $ 64,000 liquidated most of the bulls and left only 3,000 Bitcoin contracts below $ 58,000.
The 4 hour chart taken from the source shows Bitcoin trading within the boundaries of the short-term symmetric triangle.
This pattern does not contain a bearish or bullish bias, which adds to the credibility that Bitcoin is waiting to break free in either direction.
A break above the upper trend line of the triangle could send Bitcoin towards $ 60K.
On the downside, if the support at $ 56,000 fails to hold and Bitcoin begins to lose ground around $ 55,000, the declines are likely to further reach $ 50,000.