The bulls are getting momentum and seem decided to get the bears out of the way. Will they conquer the $25K sooner than we think?
) last closed above $24,000, causing even the most bullish trader to question whether a sustainable recovery is feasible. However, despite the lackluster price action, bulls have the upper hand on Friday's $510 million BTC options expiry.Investors have been reducing their risk exposure as the Federal Reserve raises interest rates and unwinds its record $8.9 trillion balance sheet.
is"far from done." With that being said, the tighter monetary impact on inflation, employment levels, and the global economy are yet to be seen.Bitcoin's recovery above $22,000 on July 27 took bears by surprise because only 28% of the put options for Aug. 5 have been placed above such a price level. Meanwhile, Bitcoin bulls may have been fooled by the $24,500 pump on July 30, as 59% of their bets lay above $25,000.A broader view using the 1.
Bitcoin bulls need to push the price above $24,000 on Aug. 5 to secure a $90 million profit. On the other hand, the bears' best-case scenario requires pressure below $22,000 to set their gains at $75 million.according
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