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Bitcoin bears attempt to pin BTC price under $23K ahead of this month’s options expiry


Bitcoin‘s (BTC) 16% price gain between Feb. 13 and Feb. 16 practically extinguished the bears’ expectation for a monthly options expiry below $21,500. As a result of the abrupt rally, these bearish bets are unlikely to pay off, especially since the expiry occurs on Feb. 24. However, bulls were not counting on the strong price rejection at $25,200 on Feb. 21, and this reduces their odds of securing a $480 million profit in this month’s BTC options expiry.

Bitcoin investors’ primary concern is a stricter monetary policy as the U.S. Federal Reserve increases interest rates and reduces its $8 trillion balance sheet. Feb. 22 minutes from the latest Federal Open Market Committee meeting showed that members were in consensus on the most recent 25 basis point rate hike and that the Fed is willing to continue raising rates as long as deemed necessary.

Bitcoin options aggregate open interest for Feb. 24. Source: CoinGlass

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