Bitcoin may experience a sharp price move on Friday


Although the price of Bitcoin lost 10% in the past week, it seems that the price returned from the $ 8,700 support and recovered gradually. Despite the recovery, the leading cryptocurrency, which is known to target $ 9,000 and subsequently $ 10,000, may hit a hard rock in the coming days and fall in price again.

Bitcoin Contracts in CME Expiring
The main reason for this is that 50% of CME’s Bitcoin derivative products, which proved to have an impact on the price in previous dates, expire on Friday. The number of open Bitcoin positions on the platform recently broke a record, and in fact, the impact of CME on the market also increased in this context. CME currently has $ 420 million of open Bitcoin positions and half of them, ie approximately $ 210 million, are expiring on Friday.

In fact, it turned out that not only Bitcoin futures but also some of the Bitcoin option contracts will expire.

The expiration of Bitcoin futures and option contracts previously brought about sharp declines in price.

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