The reason $BTC Bitcoin suddenly surged yesterday
was options contracts. Let me explain more 👇
On October 17, options contracts expire, and the max pain level for these contracts is around $82,000. But the important thing is what happens after the contracts expire.
I don’t think the price will be able to break $85,000, for several reasons:
First, weak liquidity.
Second, increased bets on a price rise.
Third, a bullish market structure driven by short liquidations.
These three reasons make me cautious.
I want to see Bitcoin at $75,000 and $71,000 before I say the situation looks good. There, there will be genuine buy orders and good momentum. But right now, the situation isn’t suitable for entering the market, and I don’t want to become liquidity for others—and neither should you.
was options contracts. Let me explain more 👇
On October 17, options contracts expire, and the max pain level for these contracts is around $82,000. But the important thing is what happens after the contracts expire.
I don’t think the price will be able to break $85,000, for several reasons:
First, weak liquidity.
Second, increased bets on a price rise.
Third, a bullish market structure driven by short liquidations.
These three reasons make me cautious.
I want to see Bitcoin at $75,000 and $71,000 before I say the situation looks good. There, there will be genuine buy orders and good momentum. But right now, the situation isn’t suitable for entering the market, and I don’t want to become liquidity for others—and neither should you.