[2021-11-05] Why Bitcoin bears are trying to keep BTC price below $62K

[BandetBulut]

Why Bitcoin bears are trying to keep BTC price below $62K for Friday’s options expiry

Bitcoin price dropped to $60,700 on Nov. 4 and bears are keen to pin the price under $62,000 to profit from Nov. 5’s options expiry.

Bitcoin's (BTC) 90% year-to-date gain was largely fueled by the United States Securities and Exchange Commission's (SEC) recent exchange-traded fund (ETF) approval and in the first 48-hours of listing, ProShares’ Bitcoin Strategy ETF (BITO) was able to amass $1.1 billion in assets under management.

On Nov. 1, the U.S. Treasury released its stablecoins report, which basically urged Congress to regulate the industry. In short, the working group expects government agencies to require stablecoin issuers to meet the same standards as insured depository institutions.

Although the consequences of a potential stablecoin regulation for cryptocurrency markets remain unknown, stablecoins are vital for exchanges, market makers and retail investors when seeking protection. Despite this, investors still must account for the possibility that stablecoin issuers will react by simply moving their operations outside U.S. jurisdiction.

With less than 12 hours ahead of Friday's $1.15 billion options expiry, Bitcoin trades in a descending channel and faces resistance at the $62,000 to $63,000 level.

Read more: https://cointelegraph.com/news/why-bitcoin-bears-are-trying-to-keep-btc-price-below-62k-for-friday-s-options-expiry

[Kakmakr]

Well, it was clearly not the "Options" and the whales invested in that, that were holding the Bitcoin price below $62 000.    There must be something else that are holding it there....

We should watch the Bitcoin addresses of the large whales and the Exchange cold wallets, to see if there are a slow dump from one or more of the big Bitcoin hoarders. (Keep a close eye on the Tesla coins too, because they will not dump in one big sell....to provide for liquidity at a higher price.) 

[bbc.reporter]

This appears to be the experts who are trying to explain why hehe. However, if bitcoin pumps to $80k tomorrow they would create another explanation that would contradict the first explanation. Can’t we only say that the market appears to be in accumulation before another pump to all time highs again?