Bitcoin retraces intraday gains as bears aim to pin BTC price under $18K
BTC bears are positioned to profit from this week’s Bitcoin options expiry, especially if price stays below $18,000. On Dec. 14, Bitcoin (BTC) broke above $18,000 for the first time in 34 days, marking a 16.5% gain from the $15,500 low on Nov. 21. The move followed a 3% gain in the S&P 500 futures in 3 days, which reclaimed the critical 4,000 points support. Bitcoin/USD index (orange, left) vs. S&P 500 futures (right). Source: TradingView While BTC price started the day in favor of bulls, investors anxiously awaited the U.S. Federal Reserve Committee's decision on interest rates, along with Fed chair Jerome Powell's remarks. The subsequent 0.50% hike and Powell’s explanation of why the Fed would stay the course of its current policy gave investors good reason to doubt that BTC price will hold its current gains leading into the $370 million options expiry on Dec. 16. Analysts and traders expect some form of softening in the macroeconomic tightening movement. For tho...