Bitcoin Bulls Struggle to Hold Prices as BTC Options Expiry Approaches

A week ago, Bitcoin (BTC) bulls had a $715 million advantage in profit for November 12 options expiry, with the price above $68,000. With most call (buy) options set to expire on November 19, this advantage has swung in favor of bears since the recent crash to the $59,000 area.

Bears took the lead thanks to the emergence of two unfavorable events for Bitcoin over the past few days. Last Friday, the US Securities and Exchange Commission rejected VanEck’s spot Bitcoin ETF request, citing investor protection as its reason.

Meanwhile, on Monday, US President Joe Biden authorized the recently-passed infrastructure bill, which mandates digital transactions worth over $10,000 to be reported to the Internal Revenue Service, as from 2024.

That said, bulls could regret not taking more conservative bets on tomorrow’s $1.1 billion weekly options expiry. The only way bulls can turn this around is by pushing Bitcoin’s price above $64,000, or 7.5% from its current position, before the expiry date.

However, bears also aim at exerting more pressure and keeping the price close to the $58,000 mark, which could yield $220 million in profits for put (sell) options.

With the current market sentiment, it remains unlikely that bulls can pull a 7.5% heist on bears before tomorrow.

Key Bitcoin Levels to Watch — November 18

As mentioned earlier, BTC is in an intense bearish row as bulls struggle to keep the price above $59,000. Interestingly, the benchmark cryptocurrency currently trades within a descending channel and rests above the base of this technical pointer. This base coincides with the $59,000 support indicating that bulls should succeed in defending this level.

Additionally, my 4-hour MACD indicator shows that the price could witness a rebound soon as it emerges from bearish conditions. That said, with the BTC Fear and Greed index at neutral conditions, I expect a steady rebound towards $63,000 over the coming days.

Meanwhile, my resistance levels are at $61,000, $61,785, and $63,000, and my key support levels are at $59,000, $58,000, and $57,500.

Total Market Capitalization: $2.60 trillion

Bitcoin Market Capitalization: $1.12 trillion

Bitcoin Dominance: 43.2%

Market Rank: #1

 

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