New Report Shows that Bitcoin Could Go Under Soon

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The open interest of Bitcoin (BTC) has been observed to be growing once again, indicating that a possible large price movement is brewing.

Over the last 24 hours, the cryptocurrency fell by more than 2%from $11,100 to $10,900, where it is currently lingering around. The $11,100 was a much-talked-about level by analysts and it is interesting to see how BTC was cleanly rejected from that line.

Meanwhile, the recent volatility spike in Bitcoin coincides with the upcoming expiration of about 77,000 BTC options contracts. According to reports, the BTC options open interest is currently hovering above 134,000 contracts.

Historically, September appears to be a very slow month for the cryptocurrency when it comes to volatility. That said, the high level of options open interest implies that a surge in volatility in October is very likely.

Whether that volatility would cause a significant drawdown or will help Bitcoin record higher YTD numbers remains largely uncertain. However, if Bitcoin goes according to past performance, we’re likely to see a new all-time high in about 15 months after its recent halving.

In the near-term, Bitcoin could remain trapped between $9,000 and $12,000, as the accumulation phase continues.

Meanwhile, the September options expiration, which occurs on the last Friday of every month, Bitcoin will confirm a directional bias.

Key BTC Levels to Watch

Bitcoin remains in a struggle to claim the $11,000-200 zone in the near-term. However, it appears to be running out of steam to help keep it above the $10,800 support line. If a fall should occur, it is unclear how far BTC is likely to fall, however, the $10,500 pivot area seems like a good place to start.

Meanwhile, Bitcoin has begun a descent from centering into overbought territory, indicating that this decline could be drawn-out.

On the flip side, BTC has to break above the $11,200 mark to confirm a bullish bias.

Total market capital: $353 billion

Bitcoin market capital: $202 billion

Bitcoin dominance: 57%

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