Home›Crypto›Bitcoin›Bitcoin dips after $15.6 billion options expiry on Der…

Bitcoin dips after $15.6 billion options expiry on Deribit

Bitcoin fell to about $83,600 after an intraday high near $87,000, while Deribit options expiry coincided with sharp declines in open interest and trading volume.

Reported · Written up by our desk · Bitcoin

Bitcoin slipped to around $83,600 on Friday, after reaching an intraday high near $87,000 that marked its first visit to that level in months.

The pullback followed a mechanical flow, with $15.6 billion in Bitcoin options expiring on Deribit. Decrypt reports that dealers often unwind hedges after such expiries clear, and that open interest and 24-hour trading volume both fell sharply, down 14.39% and 13.68% respectively.

Chart indicators still pointed to a bullish daily setup, with the 50-day moving average sitting above the 200-day in a so-called golden cross, according to Decrypt.

Liquidations during the last 24 hours were also described as fairly balanced, totaling $161.96 million in long positions versus $156.1 million in shorts, consistent with leverage resetting rather than a one-sided selloff.

Latest closeBitcoin $83,925.74 ▼0.5%

More like this

Sources