Bitcoin's price bounce stalls, and one trader says the cryptocurrency could gravitate toward the so-called max pain point ahead of monthly options expiry. godbole17 reports in this morning's First Mover Americas.
The momentum stalled even as U.S.-based financial services firmit would allow investors to put bitcoin in their 401 retirement savings accounts later this year. Observers cheered the news, saying the passive bid from 401s would be massive and accelerate mainstream adoption. More than 20,000 companies reportedly use Fidelity to administer retirement accounts.
Perhaps renewed weakness in stock markets and caution ahead of next week's Federal Reserve meeting kept buyers at bay. Futures tied to the S&P 500 pointed to a negative open with a 0.4% drop, and European stocks struggled to stabilize after Monday's slide. Griffin Ardern, a volatility trader from crypto asset management firm Blofin, said,"It's going to be difficult for the crypto market to make new highs. The Fed's May meeting is imminent, and bearish sentiment still dominates the market."
Ardern added that bitcoin and ether prices might be biased toward max pain levels ahead of Friday's monthly options expiry. According to data tracked by Skew, bitcoin options worth $2.2 billion and ether options worth $1.2 billion are set to expire this Friday. The max pain for bitcoin and ether is $41,000 and $3,000, respectively.
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