Following a steady weekend, Bitcoin maintains the $42K range. Considering the options market strike prices and the technical analysis, bitcoin is expected to fluctuate in the $40K – $47K range in the next short term. Onchain data shows that long-time holders recently slowed down their selling pressure, and it seems that BTC is under consolidation.
Options Market Analysis
Since last month, the bitcoin price has been consolidating in the $40-42K range. Looking at the options market, a huge trade consists of buying calls for a $40K strike price and selling calls for a $60K strike price (bull call spread) for the 24JUN2022 expiration date.
This trade increased the open interest rate for this particular expiry date. It seems that the $40K level is becoming a significant support level in the options market as well.
Technical Analysis
Bitcoin has been trading in a downtrend after reaching its new ATH of $69K in the first half of November 2021. On a 4-day time frame, bitcoin lost the 14 E
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