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Bitcoin price records continue to decline, a record number of $ 6 billion bitcoin options coming to an end

Bitcoin price plummeted to the $ 52,000 zone while all eyes are on $ 6 billion of Bitcoin options contracts that will expire on Friday (March 26).

bitcoin-price-records-continue-to-decline-a-record-number-of-6-billion-bitcoin-options-coming-to-an-end

BTC/USD 4-hour chart | Source: TradingView

Today’s Bitcoin price bounced sharply after reaching nearly $ 50,000 and the market soared

Bitcoin traded around $ 52,725 at 6:15 p.m. on March 26 Vietnam time, down 4.8 percent from 24 hours ago. BTC trades between 10 and 50 hours average on the hourly chart, a sideways signal for market technicians.

BTC traders recommend being cautious as the price of the cryptocurrency drops to $ 50,000 levels for the first time in two weeks while the options market prepares for volatility before the 6 billion record contract. dollars expire on Friday (March 26).

It seems that buyers are stepping back, and instead of buying at a discount, they are simply waiting to see what happens. US stocks were barely higher on Thursday (March 25), falling below record highs, while Asian and European markets were lower. Some of those weaknesses can hamper the spirit of risk-taking among BTC traders.

The US dollar has recently strengthened to new highs in the foreign exchange market. Bitcoin is inversely correlated with the greenback, meaning that they often trade in opposite directions.

There is also a monthly expiration date coming up on Friday in the BTC options market. Analysts have warned that the ‘maximum pain’ point – where buyers lose the most and sellers make the most – will happen if the price drops to around $ 44,000. Risk is considered difficult but not impossible.

The market is currently looking for support in the $ 50,000 to $ 48,000 range. Any specific signs of recovery are likely to appear after options expire on Friday.

Data from the blockchain shows that they may be getting more bullish: An unusually large number of bitcoins are being pulled out of crypto exchanges and into a low liquidity state – possibly a sign that they are being held by long-term holders.

You can see the BTC price here.

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