The post Bitcoin Price to $90K or $100K as $9.4B in BTC Options Expire Today? appeared on BitcoinEthereumNews.com.

Bitcoin price bounced back to $96,400 levels recovering from the lows of $91,000 earlier this week. With $9.4 billion in Bitcoin (BTC) options expiring today, volatility can sweep in again as investors await the next directional move either to $90,000 or $100,000. Where is Bitcoin Price Heading Next? For the past many years, Bitcoin has shown a strong correlation with the Global M2 money supply. The latest data shows that the global M2 supply has been drying up fast which could lead to a BTC price pullback under $90,000. Moreover, following the rally to $100K earlier this month, Bitcoin is trading in a downward trending pattern. Popular analyst Rekt Capital noted that if Bitcoin price doesn’t give a daily close above the resistance, it could risk going to $91,000 again. Source: Rekt Capital Crypto analyst Ali Martinez has identified a crucial demand zone for Bitcoin at $93,580. At this level, approximately 667,000 wallet addresses collectively acquired nearly 504,000 BTC. Martinez said that it is important for the bulls to hold these levels in order to prevent further Bitcoin price correction from here. Source: Ali Martinez On the other hand, Martinez also expects a Thanksgiving rally for Bitcoin. He showed that the BTC price is breaking out from a flag and pole pattern in the short term which could take it to its all-time high of around $99,000. “This is why I think BTC is bound for a rebound to $99,000, and the technicals support it, he wrote. Source: Ali Charts Commenting on the development and Bitcoin price action, Mati Greenspan, founder and CEO of Quantum Economics, told CNBC: “Bitcoin has been on a tear since Election Day … with very few pullbacks, but the $100,000 mark remains a formidable psychological barrier. While breaking through now would be a major bullish…

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Filed under: News - @ November 29, 2024 7:23 am