Bitcoin Faces Pullback As $750 Million Options Approaches Expiry

Bitcoin traders and investors are anxiously monitoring bitcoin price, which has been dragged down from its highest of $13,854 by the weakening traditional markets. The stock markets continue to drop as rising coronavirus infections and newly-imposed lockdown loom over investors, sparking the worries of potential scare sell-offs. 

Hedge asset gold is not immune from the markets’ grim mood. Gold price sank to a 3-week low beneath $1,880 per ounce, in tandem with commodity prices and WTI. Although there have been discussions that Bitcoin is decoupling with the stock markets and gold, Bitcoin remains vulnerable against scare sell-off. 

Now, Bitcoin has to cross a hurdle worth of 60,000 bitcoin first. 60,000 bitcoin options are about to expire on Friday, October 30. This could send a new bout of volatility to the already unstable market. 

“Some momentum technical indicators are still flagging the bitcoin price as being somewhat overbought,” Simon Peters, bitcoin and crypto analyst at brokerage eToro, said via email. “I wouldn’t be surprised to see a pullback, hopefully staying above $13,000. If bitcoin dipped below the $12,000 resistance level we saw previously, I would be happy to see it hold as support.”

While the 14-day RSI signaled that bitcoin is overbought, many believe the recent rally is backed by increased institutional buy and adoption. Technical indicators suggest bitcoin has formed a support around $13,000, but the road to $14,000 could be rocky and traders are suggested to closely watch their positions. 

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