NFT News Official TheBitTimes.com

About $570 million in weekly BTC options expire on Friday, and the recent macro and crypto news events have further tilted the advantage to bearish traders. On Aug. 16, Bitcoin closed below $29,000 for the first time in 56 days. Analysts quickly pointed to this week’s Federal Open Market Committee minutes, which expressed concerns about inflation and the need to increase interest rates, as the likely cause. Despite the immediate reasons for the drop, the upcoming $580 million Bitcoin (BTC) options expiry on Friday favors the bears. They could potentially make a $140 million profit on Aug. 18, adding to the downward pressure on Bitcoin and complicating BTC’s search for a bottom. Federal Reserve minutes did not impact traditional markets On Aug. 16, Federal Reserve Chair Jerome Powell emphasized the 2% inflation target. This pushed the U.S. 10-year Treasury yield to its highest level since October 2007, prompting investors to shift away from riskier assets like cryptocurrencies in favo...

Bitcoin begins to fulfil traders' downside targets as BTC price action retraces its steps in a crucial macro week. Bitcoin (BTC) enters the last full week of July on an uncertain footing as $30,000 becomes resistance. In what promises to be an exciting — but perhaps nerve-racking — week for traders, BTC price action is staring down a combination of volatility triggers. Chief among these is the United States Federal Reserve’s decision on interest rates, this headlining an important slew of macro data releases. Some hope that these alone will be enough to shake Bitcoin out of its month-long trading range, in which it has barely moved from the $30,000 mark. The market has so far offered little by way of cues as to where it might head next. That said, traders have become impatient, and increasingly believe that BTC/USD will ultimately break down from current levels to head toward $25,000 or even lower. Cointelegaph takes a look at the main factors in the debate over BTC price performa...