Deribit Trader Places $173M Bet Against Bitcoin's $70K Break
A Deribit trader has placed a significant bet against Bitcoin reaching $70,000 by September 25th. The trader sold 2,709 BTC call options valued at $173 million, wagering that the price will not exceed $70,000 in the specified timeframe.
The premium collected for these options is estimated to be around $3.03 million if the strike holds true. Currently, the Bitcoin price sits above both its 50-day and 200-day exponential moving averages (EMAs), with a price of $63,888.28. The MACD indicator has formed a bullish golden cross at -56.11, while the Relative Strength Index (RSI) remains neutral at 55.01 within the Bollinger Bands.
Immediate resistance is offered by the upper band of the Bollinger Bands at $63,997. However, this could potentially stall any push higher and lead to a test of the 50-EMA support. The trader's position is positioned against a potential 9.5% rally, as they are betting against the price reaching $70,000.