NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Price Tumbles Toward $98,000: What’s Driving The Drop And What Lies Ahead

Why Bitcoin Bulls Might Be Ready To Breach $20,000 Into The Monthly Close

Reynaldo Marquez
Reynaldo Marquez
Last Updated: June 11, 2024 2:26 pm
3 mins read
Bitcoin price BTC BTCUSDT

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Stuck right below its 2017 all-time high, Bitcoin is moving sideways with low volatility over the past few days. The crypto market is preparing to close another monthly candle in the coming days. This event is set to move BTC and other cryptocurrencies, but in what direction?

Related Reading: TRON Showing Hints Of A Major Rebound After A Week Of Rout

At the time of writing, Bitcoin (BTC) trades at $19,000 with 0.4% profit and a 2% loss in the last 24 hours and 7-days, respectively. The benchmark cryptocurrency has been one of the worst performing assets in the top 10 by market cap as XRP (+30%) and Solana (+7%) take the lead.

Bitcoin BTC BTCUSDT Chart 1
BTC’s price moving sideways on the 4-hour chart. Source: BTCUSDT Tradingview

Bitcoin Option Expiry Will Bring Volatility To The Market

The current status quo in the market might be coming to a decision as this monthly candle close will coincide with the expiration of over 100,000 BTC in option contracts. This event often brings volatility to the market as big players push to move the price closer to their strike price.

Data from Coinglass indicates that there is over $5 billion in open interest for Bitcoin options, as big players unwind their positions and shift them, the cryptocurrency is likely to see more action. According to the team behind KingFisher, a platform to view data on crypto derivatives, the more likely scenario is to the upside.

In the short term, as monthly close, and options expiry kick in, the price of Bitcoin could quickly trend towards $20,000. Volatility might be fueled by a spike in short positions opened as BTC trended sideways at its current levels.

If bulls can push Bitcoin to the upside, taking out these short positions, the price action might be more violent and fuel a longer relief rally. The team behind King Fisher commented the following:

Probably some vanna hedging activity related to end of the month

We could see a jump to 19.8k in a matter of hours

TWAP Long ended, either reducing carry, vol fund, options desk.

Some short liquidations have been passed through the engine we could expect more fairly soon pic.twitter.com/MQ9xEdSRks

— TheKingfisher (@kingfisher_btc) September 26, 2022 

What A Green Monthly Close Could Imply For Bitcoin

Additional data from the team behind Material Indicators claims that Bitcoin has two critical resistance levels if bulls score a green close above $20,000. These levels sit at around $20,100 and $39,000.

Although Bitcoin is unlikely to reach the latter levels, due to the current macroeconomic conditions, the cryptocurrency might reclaim the high of $20,000. In support of this thesis, Material Indicators noted a spike in activity from investors with bid orders of $100,000 and investors with bid orders of $10,000.

The activity from these investors was able to “offset the week’s sell pressure with $117 million in market buys”. If this buying pressure sustains, the crypto market might see some green after two weeks of trending in the red.

Bitcoin BTC BTCUSDT chart 3
Investors with buying orders from $10,000 to $100,000 (red and purple on the chart), increase buying pressure on short timeframes. Source: Material Indicators
Related Reading: Staked ETH Nears 14 Million As Ethereum Readies For Breakout

However, the mid-term still points to more pain, according to Material Indicators:

There are short term signs of a potential pump, but the crossing of key moving averages suggests the broader trend will continue down. Resist the urge to overtrade or FOMO in.

Tweet123Share196ShareSend
Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Bitcoin Rapid Downturn Triggered By Excessive Long Positions — Expert Weighs In

According to the latest on-chain data, investors have been excessively betting on the Bitcoin price in recent weeks, leading to...

Opeyemi Sule 5 hours ago
Epstein, MIT, Bitcoin : 7,5 M$ de fonds douteux au cœur d’une controverse.

Epstein, MIT, Bitcoin : 7,5 M$ de fonds douteux

L’affaire Jeffrey Epstein rattrape désormais le cœur de l’écosystème Bitcoin. De nouveaux documents du Congrès américain révèlent que le financier...

guillaumev 6 hours ago
Deblock : 30 M€ levés pour relier finance traditionnelle et DeFi.

Deblock : 30 M€ pour relier finance tradi et DeFi

En France, la frontière entre banque et crypto se fissure un peu plus. La fintech Deblock vient de lever 30...

guillaumev 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Bitcoin

Bitcoin Exchange Inflow Hits $2 Billion As Profit-Taking Phase Lingers

Opeyemi Sule 1 hour ago
Crypto krach : 1 Md$ liquidés en 24 h sur BTC, ETH, SOL.

Crypto krach : 1 Md$ liquidés en 24 h sur BTC, ETH, SOL

evanss 3 hours ago
Bitcoin

Bitcoin Local Bottom To Fall Between These Two Levels – Analyst

Semilore Faleti 3 hours ago

Premium Sponsors

Press Releases

  • 仮想通貨投資の注目候補:2025年に台頭するビットコイン系レイヤー2は次の主役となるか

    ...

    7 hours ago
  • 仮想通貨 プレセールの有望銘柄:市場クラッシュ時に資産を守る新興マイニング系プロジェクトとは

    仮想通貨...

    7 hours ago
  • 新しい仮想通貨が2025年に再び盛り上がり:次世代型トークン群が市場の流れを変える

    ...

    7 hours ago
  • 仮想通貨 1000倍 を狙う注目銘柄:存在感を増す“新興プロジェクト群”

    仮想通貨 1000倍...

    8 hours ago
  • ico 仮想通貨ガイド:犬系ミームトークンが2025年プレセールの有力候補に浮上

    ico...

    8 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.