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Bitcoin Trading Analysis: Why It Won’t Break 10,000

Bitcoin bulls have been frustrated as the cryptocurrency has failed multiple times at the 10,000 level. Every time it pops near or just above, a seller comes out of the woodwork to slam it back down. So why on earth is it having so much trouble at the 10,000 level? This Bitcoin trading analysis will enlighten all investors.

It appears that there is almost $1 billion in options expiring on June 26th, 2020. Just 10 days away, that is fast approaching. Almost 80% of these options are call options with a strike of 10,000. There is one main seller of these options contracts. Panama-based derivatives exchange Deribit accounts for 77% of these options. In all likelihood Deribit is holding the price of Bitcoin below 10,000 to make sure those options expire worthless and they can collect the full premium. This is a huge profit windfall to them and totally worth it to use millions to keep the price under 10,000 into expiration.

As the Federal Reserve commits to digitally create trillions more Dollars and the U.S. government runs multi-trillion-Dollar deficits, Bitcoin will go higher, but likely not until after June 26th, when these options contracts expire.

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