Market Wrap: Bitcoin Rangebound Ahead of Option Expiry; Expect Higher Volatility

Posted on by American Coins & Gold

Market Wrap: Bitcoin Rangebound Ahead of Option Expiry; Expect Higher Volatility
Bitcoin (BTC) traded in a tight range between $35,000 and $38,000 on Thursday after a few days of sharp price swings.Traders are starting to position themselves ahead of the bitcoin options expiry on Friday. So far, volume on open interest, or the total number of outstanding option contracts, indicates bearish sentiment, although some analysts expect BTC’s price to trade closer to the max pain price of $42,000, or the strike price with the most open options contracts.”More volatility is expected as $2 billion worth of options are set to expire this Friday. We are seeing mixed sentiments among traders,” Lennard…