Bitcoin prices extended their decline after six consecutive days of ETF outflows totaling over 2 bln USD, signaling persistent selling pressure amid mounting liquidity concerns. The broader retreat in global markets has added to the cautious tone, with investors trimming risk exposure.
A massive 4.7. bln USD in bitcoin options contract set to expire today suggests heightened volatility ahead.
From a technical perspective, BTCUSD broke out of the ascending channel and is testing the 100000 psychological level. A break below this support may prompt a further decline toward the 88000 support zone. Conversely, closing above 105000 may prompt a retest of the resistance at 112000.
By Li Xing Gan, Financial Markets Strategist Consultant to Exness
A massive 4.7. bln USD in bitcoin options contract set to expire today suggests heightened volatility ahead.
From a technical perspective, BTCUSD broke out of the ascending channel and is testing the 100000 psychological level. A break below this support may prompt a further decline toward the 88000 support zone. Conversely, closing above 105000 may prompt a retest of the resistance at 112000.
By Li Xing Gan, Financial Markets Strategist Consultant to Exness
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.