Bitcoin flirted with the $70,000 mark on Monday, but analysts at Bitfinex warned of potential downward pressure due to a $2.2 billion options expiry on Aug. 2.
They expect this event to cause Bitcoin to stall or pull back from the $68,000-$69,000 resistance zone. Currently, leveraged long positions are more influential than spot market activities.
On Monday, Bitcoin briefly hit $70,000 before falling below $67,000 by the afternoon. Despite the risk of a pullback, the market remains in a higher timeframe uptrend.
Bitfinex analysts described the macroeconomic outlook as “cautiously optimistic,” noting that the housing market is a drag on growth due to high median house prices.
