Bitcoin price is once again showing volatility. On December 26, it spiked 1.63% to more than $89,100, only to hover around $88,500 later.
The latest bounce comes ahead of the $28 billion Friday options expiry. Experts believe that investors should stay vigilant at this point and watch for proper breakout signals before making a fresh entry.
Bitcoin Price Shows Strength Ahead of Options Expiry
Popular crypto analyst Ardi noted that the Bitcoin price move to $89,100 comes amid a major short-covering ahead of the Dec. 26 weekly and monthly options expiry. As per the analyst, the first leg of the upside was due to the closing of short positions.
$BTC with a god candle to $89.5K.
The first portion of this pump was mostly shorts covering their positions, but the second part was driven by legitimate high-volume breakout buyers stepping in once price cleared the local overhead.
Just don’t get married to the upside yet.… https://t.co/wVvnZo5185 pic.twitter.com/4P4rBi8URD
— Ard
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