Victory is for the taking in Friday’s $950M Bitcoin options expiry

Victory is for the taking in Friday’s $950M Bitcoin options expiry
© Reuters.

Bitcoin (BTC) price is down this week, and naturally, bears will always find some reversal signal whenever the price shows strength, such as the 8% gain on Nov. 28. Of course, technical analysis is not an exact science, so there is a margin for interpretation and most traders look at multiple timeframes to find a narrative that suits their bias.

Currently, BTC price is in a descending channel that started on Oct. 31, and if this pattern plays out, Bitcoin could drop to $50,000 in the short term.

Bitcoin/USD price on FTX. Source: TradingView
Bitcoin options aggregate open interest for Dec. 3. Source: Coinglass.com

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