Cryptocurrency market came under pressure today after the latest bitcoin monthly options expiry. Several crypto exchanges settled almost 60,000 trading contracts worth some $2.2 billion early in the morning, according to bitcoin trading data from Skew. That makes the May expiry the smallest of 2021 in terms of nominal value due to the recent sell-off, however some market participants believe the monthly options expiry can exacerbate trends affecting the market. From a technical point of view, head and shoulder formation appeared on the H1 interval, which usually heralds a trend reversal. After breaking below the neckline, the declines accelerated and the model range for this type of pattern is located around $ 33,900.
Bitcoin, H1 interval. Source: xStation5
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