The reason Bitcoin has failed to break through $80,000 may have been found.

$BTC For these past few days, trading has been repeatedly tugging back and forth around $80,000; actually, behind it is another very important reason.

On August 28, about $6.4 billion worth of BTC options will expire, with a large concentration of call options clustered around $75,000 and $80,000. Before expiry, when market makers hedge, it can easily “pull” the price toward these key strike levels.

Now that this batch of options has been settled, the pressure that had been keeping BTC pinned around $80,000 is also starting to ease.

More noticeably, sell orders above the market have begun moving toward around $82,000, while BTC’s recent high has only reached about $81,300.

So I think the next few days are actually more important.

The earlier part was a shakeout around 80,000. The next part is when the real direction is decided.

If the price rises again with increased volume and stabilizes between 81,000 and 82,000, I’ll start looking at the next level: 84,000.

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