Time is Running Out for Bitcoin Bulls; 23k in Futures and 10k in Options Set to Expire This Week

May isn’t turning out to be a good month.

After the massive sell-off in March, bitcoin prices recovered and jumped 50% in April. May started just fine but only to continue its way downward. This week, we went back below $9,000.

“May has been pretty uneventful from a price action perspective. Bitcoin trading in a relatively tight range despite halving & old coins moving” stated Skew Markets.

Source: Skew

Could this be “Sell in May and go away” happening?

A well-known financial-world adage, it is based on the underperformance of some stocks in the summer, the six-month period that starts in May and ends in October.

However, for Bitcoin, April to June has been some of the best performing months.

Also, the coronavirus has already hit the stocks market and the world hard in the first quarter of 2020. And S&P 500 is actually close to reaching 3,000.

“I don't want to be the guy who gets caught short bitcoin while this is happening. You'd tell me no correlation, I'll tell you oke,” said trader BitBit on the rising stock market.

Moreover, Nasdaq is only 3% off its all-time high.

“It's hard to believe the other equities won't follow. Hands down clearest to me is the small caps russell 2000 which I think will also make a new ATH above 2000,” said trader Benjamin Blunts. “Don't fight the money printer, BRRRRRR .”

May to end up looking like trash?

When it comes to investor behavior, addresses continue to surge while whales are accumulating.

Analyst Mati Greenspan who moved out of bitcoin last week is now back in and that too “heavily.” This is because the digital asset has “held support well over the weekend.”

“Will get out if support breaks but with the stock markets are risk-on and I'm feeling good today,” said Greenspan.

But the declining on-chain fundamentals are threatening to undo the progress which means we may see a “regression back into bearish territory.”

Adding to the bearish sentiments are the 23,000 Bitcoin equivalent futures and 10,000 bitcoin options that are set to expire this Friday on CME.

There is approximately 50% of open interest for each of these bitcoin products on the regulated Chicago Mercantile Exchange.

“Time running out for the bulls. Close the week/month around $8.6k and this month will look like trash,” said trader Filb Filb.

Bitcoin (BTC) Live Price

1 BTC/USD =$17,268.4837 change ~ -10.16%

Coin Market Cap

$320.08 Billion

24 Hour Volume

$14.85 Billion

24 Hour VWAP

$18.16 K

24 Hour Change


Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today