Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry
2022.05.19 23:11
Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry
Over the past nine days, Bitcoin‘s (BTC) daily closing price fluctuated in a tight range between $28,700 and $31,300. The May 12 collapse of TerraUSD (UST), previously the third-largest stablecoin by market cap, negatively impacted investor confidence and the path for Bitcoin’ price recovery seems clouded after the Nasdaq Composite Stock Market Index plunged 4.7% on May 18.
Disappointing quarterly results from top United States retailers are amping up recession fears and on May 18, Target (NYSE:TGT) (TG) shares dropped 25%, while Walmart (NYSE:WMT) stock plunged 17% in two days. The prospect of an economic slowdown brought the S&P 500 Index to the edge of bear market territory, a 20% contraction from its all-time high.
