Chart of the Day
The price of Bitcoin is well above the $39k zone and the 100-hourly simple moving average, but struggles to turn the psychological resistance level at $40k into support. A total of 40.7k BTC are about to expire later today at 8AM UTC, with a notional value of $1.63 billion, the largest single-week delivery record for Q3. With option delivery bounded between $33k-36k and a strike price of $40k, prices are expected to fluctuate after the option delivery. On-chain metrics from Chainalysis indicate that a price floor is formed around $37.3k. With the return of demand and the impending supply squeeze, the price of Bitcoin is unlikely to enter another state of free fall.