Bitcoin price must stay above $ 20,800 at all costs

If the market value of Bitcoin at that time is below USD 21,000, that option is worth nothing, if the price is above that, then it makes sense to execute the option. That means less than 12 percent of the bulls’ call options are in profit right now. The advantage for the bulls is that the bears have relatively few open put options. Furthermore, the picture does not look very positive for the bulls at the moment, but the week is not over yet.

If the price returns to $24,000 to $25,000, the bulls will take a $160 million gain on the bears. As it stands now, however, the likelihood of that scenario is slim. But Bitcoin is unpredictable and has done crazier things in the past. At times when sentiment is extremely positive or negative, the situation often turns around.

Holding on to $20,800 is crucial

If the bears flex their muscles again and Bitcoin loses critical support at $20,800, the bulls will lose $140 million initially. However, that is not the greatest. problem they have. Because losing that price would also lose the previous low of $20,800 on July 26, as a seven-week uptrend would break.

If that happens, Bitcoin will likely have a rough few weeks ahead and we may need to brace ourselves for another visit to the bear market’s tentative low. That low is at $17,600 and if we hit that rate again, there’s a good chance we’ll have to undergo another capitulation.

Read Also:  Oldest Wine in the World Found in Roman Tomb

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here