This week’s CPI and PPI report show U.S. inflation continuing to drop and even though investors are expecting a recession by 2024, Bitcoin price continues to press higher. noshitcoins explains.
and its CEO Changpeng Zhao on March 27. By holding the $30,000 support, Bitcoin demonstrates that the positive momentum can continue regardless of whether inflation remains above 5%.Not everyone is cheering the rally, particularly traders who have placed bearish bets using Bitcoin options. The April 14 open interest for BTC options expiry is $950 million, with $490 million in call options and $460 million in put options.
Bulls are expected to push Bitcoin above $30,500 on April 14 at 8:00 a.m UTC to profit an additional $100 million. Bears, on the other hand, would need to pressure Bitcoin's price below $29,000 in order to balance the scales. However, bears have recently suffered significant losses as BTC futures short contracts were forciblyAs the most likely scenario favors Bitcoin bulls, their profits will most likely be used to reinforce the $30,000 support.
The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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