Bitcoin price rallies to $31.8K, but derivatives data highlights BTC bears’ advantage
This July 14 Bitcoin weekly options expiry holds the potential to be a significant turning point for market sentiment, potentially leading to a breach below the crucial $30,000 support level.
Despite the initial bullish surge triggered by the spot Bitcoin exchange-traded fund (ETF) requests, the recent macroeconomic data has not been favorable for risk-on assets.
Analyzing market sentiment is crucial in assessing the chances of Bitcoin (BTC) holding above $30,000 by July 14. This level acts as a threshold that could provide bears with a perfect opportunity to profit up to $120 million through the weekly option expiry.
