Bitcoin Faces Sell Pressure as Options Expiry Approaches

Posted on by

Could Bitcoin ETFs Offer a Boost? 

Bitcoin ETFs saw positive inflows for two days but faced net outflows of over $81 million on August 14, as reported by Farside Investors. 

However, the recent Consumer Price Index (CPI) data might boost Bitcoin ETF inflows. The US Bureau of Labor Statistics reported a 2.9% annual CPI increase for July, the slowest since 2021. 

Bitcoin ETFs were a major driver of the cryptocurrency’s price increase earlier this year. They contributed significantly to Bitcoin reaching over $50,000 in February. 

Will Bitcoin Drop Below $56,000? 

Bitcoin may dip below $56,000 before finding more upward momentum. Market sentiment among large holders suggests that this level could act as a key support. 

According to Trade Confident’s analysis, Bitcoin might test the $56,000 mark, which could become a crucial demand zone.