At the beginning of the trading sessions, Bitcoin quotes came as close as possible to the resistance level of $90,000. However, having reached a price just $60 below the psychologically important mark, the coin went into a downward correction. BTC rolled back to the price values ​​of the previous trading session in the range of $88,600 – $89,300.
The rise in the value of Bitcoin caused sales market makers of a significant number of call options at exercise prices of $90,000 and $100,000.
Let us remind you that if the price of Bitcoin on the option expiration date reaches these levels, then market makers will be obliged to sell Bitcoins by executing option contracts. If the underlying asset rises above the strike price, call option sellers will begin to lose money, and the higher the value of the asset, the greater the loss for market makers.
The day before, deVere Group CEO Nigel Green shared his forecast about the bar that the first cryptocurrency will be able to overcome by the end of January 2025. Green expects that after Donald Trump takes office as US President, Bitcoin will break the record of $100,000, and this will be far from the limit.
Source: Bits
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