Bitcoin continued to trade sideways on Monday morning with a price of roughly $57,500. The price follows a week of fairly steady price levels above $54K.
#Bitcoin is still holding up onto this scenario and stuck in a sideways range.
As long as $55K holds, I'll assume we'll test for new highs. pic.twitter.com/Os3p7H3W6b
— Michaël van de Poppe (@CryptoMichNL) March 22, 2021
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In fact, Bitcoin has traded fairly horizontally for several weeks. Bitcoin began the month of March at roughly $49K, reaching a peak of $61K on March 14th. The same day, Binance CEO Changpeng Zhao (aka CZ) wrote: “Not sure about y’all, but I got used to $60k already. Why is #bitcoin just going sideways?”
Not sure about y’all, but I got used to $60k already. Why is #bitcoin just going sideways?
— CZ Binance (@cz_binance) March 14, 2021
Additionally, Forbes reported that Bitcoin options contracts worth roughly $6 billion at today’s prices are set to expire on Friday. Options contracts allow investors to buy or sell the cryptocurrency at a specified price within a set time period.
Pankaj Balani, the Chief Executive of the Singapore-based Delta cryptocurrency exchange, told Forbes that: “The expiry data suggests a bullish outlook. The expiry is significantly larger than the previous record, an expiry of $4 billion in late January 2021.
