With $6.5 billion in options expiring soon, can bulls break through the $70,000 mark?
On May 31, Bitcoin will usher in $6.5 billion in options expiring, and market volatility is imminent. Although investors are betting that Bitcoin will rise to $80,000 or even $90,000, it has failed to break through the $70,000 resistance in recent times. 91% of call options are set at $72,000 or higher, and if Bitcoin trades above $70,000 on May 31, bulls will make a profit of $270 million. However, if the price remains around $67,800, the market will be relatively balanced.
Currently, Deribit accounts for 71% of the Bitcoin options market in May, followed by CME and OKX. This option expiration will have a significant impact on Bitcoin's price trend, and market participants need to pay close attention.
Do you think Bitcoin can break through the $70,000 mark? Welcome to leave a message in the comment area to discuss!
