Bitcoin due gains after record $24B options expiry lifts 'lid' on BTC price
A record $23.7 billion Bitcoin options expiry is expected to remove a cap on BTC's price, potentially leading to gains.Summary
Bitcoin has been trading rangebound around $87,000, frustrating traders while precious metals like gold hit record highs. Analysts suggest that a massive options expiry event scheduled for Friday, involving roughly 300,000 BTC option contracts equivalent to $23.7 billion, is currently acting as a 'lid' on the BTC price. Trading company QCP Capital noted this expiry represents over half of the open interest on Deribit, with the 'max pain' level at $95,000. Executive David Eng suggested that after this expiry, the structure will change, setting an initial target of $100,000 for Bitcoin. Furthermore, some market commentators believe that the current rally in precious metals is unsustainable, anticipating a capital rotation from metals into BTC and ETH once they reverse.
(Source：Cointelegraph)