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Bitcoin’s Fills CME Gap, $2.46 B Worth of BTC & ETH Options Expire Today

Written By: ChartChamp

August 9, 2024

Bitcoin had a very bullish day yesterday, rising by $7,300 in a single day to fill the CME gap. Today there are ~ $2.5 billion worth of BTC and ETH options contracts expiring. Traders are likely taking profit after yesterday’s strong rally, and we are starting to see some red today. I think there will be volatility today caused by the expiring options contracts. The price action over the weekend will be important to see if Bitcoin is forming a rejection around $60k or whether BTC is able to climb back above $60k price levels. So far August has mirrored the price action of July with a selloff near the beginning of the month and a strong rebound shortly after.

While you panic sell smart money buys the fear.

There is a lot of upside for the crypto markets once we leave the boring zone 😴

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