The crypto market’s lack of volatility has been one of the most discussed topics among traders and investors, especially that of Bitcoin. In the past few weeks, Bitcoin has been trading between $18,000 and $19,000.
Currently, bitcoin is changing hands at $19,126 after a drop of 0.55% over the past 24 hours. An immediate resistance is near the $19,200 level and support is near the $19,000 level.
It’s been observed that since the start of September, Bitcoin bulls are trying their best to push the currency above $20,500. Recent attempt was on Oct 6 where bears managed to drag Bitcoin below $18,500
bitcoin bull vs bear
On the other hand, around $510 million in bitcoin options are about to expire this week, which is a significant event for the bears as it will help them continue their action. However, investors are still uncertain about the bottom of bitcoin due to its prolonged bearish trend.
The battle between bulls and bears is quite strong now. Earlier bears had bet that by Oct 13, Bitcoin will drop at $17500 instead of $19,000. Now, as the King currency holds on to its $19,000 range, we can say that bulls are getting stronger.
Currently, bulls who believe the stock will rise are placing their bets saying that bitcoin will trade between $18,000 and $22,000 for options contracts tomorrow, October 21.
Hence, if the flagship currency plunges below $19,000, bears will make a profit of $80 million and if Bitcoin rises above $21,000 there will be a profit of $150 million. However, with Bitcoin’s long time bear movement the price action below $19,000 looks more feasible.
