The bitcoin cryptocurrency rate was in danger of falling due to the large number of options expiring on 18 November.
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According to the information portal CoinGlass,traders opened options to buy and sell almost 36,000 bitcoins, worth about $600 million at the current rate. However, if the price of BTC continues to range below $17,500, then only 10% of trades will be made.
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The cost of options to buy and sell bitcoins as of November 18
If the price of bitcoin drops below $16,500, thenthe bears will earn a profit of $ 120 million. If the rate of the digital asset exceeds $ 18,000, then the bulls will receive a profit of $ 25 million. Obviously, a decrease in the value of the cryptocurrency is more profitable for traders.
However, the graph data showin favor of an uptrend. On Thursday, there was an upward breakdown of the contracting triangle, which began to form on November 11. Given the width of the figure, we can assume that bitcoin will rise in price to about $19,000.
However, the bulls have little chance of storming the barrier.$18,000 resistance during this trading session. Accordingly, a scenario involving a fall in the BTC rate below $16,500 seems more likely.
Breakout of the shrinking triangle on the Bitcoin chart
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