Baxia Markets
July 20, 2021

Bitcoin price creeping down to critical value as sell-off continues

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The world’s largest digital coin was down 3.3% early this morning, trading at around $30,676 as of 12:08 central standard time. Spectators are paying close attention to whether it will dip below the critical $30,000 level, as it was considered a significant support level for the coin. Trading below the $30,000 level might mean a historical sell-off as investors pull out from the market to cut losses.




In the meantime, Bitcoin is falling a day after the options market saw increased demand for out-of-the-money or lower strike put options at $22,000 and $20,000. On Sunday, 500 contracts of the $22,000 put option expiring on Dec. 31 changed hands via the institution-focused over-the-counter (OTC) desk Paradigm. Similar volume crossed the tape for the $20,000 put expiring on Dec. 31. Despite the spike in demand for $22k puts, the overall options market remains biased bullish for the long term. 


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