Odaily Planet Daily News Rachel Lyn, CEO of SynFutures, a decentralized derivatives exchange, said that the price of Bitcoin falling below $30,000 may be a short-term correction to the original bullish trend.
Rachel Lyn pointed out that despite the recent drop in the price of Bitcoin below $30,000, bearish traders in the derivatives market have notably not sold Bitcoin call options with a strike price of $30,000. This scenario suggests options traders are betting that the Bitcoin price will not fall below $30,000 for long.
According to Lyn, Bitcoin is forming “strong” resistance at $31,000 based on open interest in call options. (CoinDesk)