đ Bitcoin's Roller Coaster Ride! đ
Bitcoin (BTC) briefly soared past the $70,000 mark on Monday before taking a dive to $66,000. Analysts at Bitfinex suggest that BTC might face more pullbacks in the coming days due to downward pressure on implied volatility in the options market.
đ After President Biden dropped out of the 2024 race, BTC options volatility surged to a 4-month high. However, as the Bitcoin 2024 Nashville conference approached, traders de-risked, causing implied volatility to drop.
Despite a brief dip below $64,000, BTC maintained bullish momentum but faced strong resistance at $68,000-$69,000. Bitfinex expects this resistance to persist, potentially stalling or pulling BTC back further.
Stay tuned, BTC enthusiasts! đ
