Bitcoin price is potentially facing a consolidation period as analysts warn of a significant options expiry worth around $2.2 billion. Bitfinex analysts expect this event to exert downward pressure on the price of Bitcoin, possibly causing it to stall or experience a slight pullback from its current resistance zone. However, they emphasize that leveraged long positions hold more influence than spot market activities at the moment. Despite briefly hitting $70,000 on Monday, Bitcoin lost momentum and dropped below $67,000 later in the trading session. Bitfinex analysts also noted that the broader macroeconomic environment is cautiously optimistic, with the housing market acting as a drag on growth. In July, Bitcoin recorded a 15% increase and attracted over $19 billion in inflows for the year, setting a new record.
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Bitcoin price may consolidate as $2.2b options expiry looms, analysts warn
