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Bitcoin

Bitcoin’s bearish rally: what’s coming?

Bitcoin is showing some volatility as we see some green spikes but this could be an illusion.

Bitcoin price today is $48,001.62 USD with a 24-hour trading volume of $33,993,165,755 USD. Bitcoin is up 0.80% in the last 24 hours, with a market cap of $907,987,511,200 USD. It has a circulating supply of 18,915,768 BTC coins.

Bitcoin’s bearish rally
Source: Tradingview

Bitcoin’s bearish rally: Analysis

Bitcoin options expiry approaches 4:00 PM London time and it is a few hours from now. The fear of options expiry worth $6 billion can trigger opening the short positions and can cause a bearish rally. However, the exchanges might come into action to liquidate the short positions of higher risk through price manipulation. Bitcoin is currently neutral as RSI suggests. We have support at $45,000 and the resistance is at $497,000, fib 0.382.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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