This simple Bitcoin options strategy allows traders to go long with limited downside risk
Cointelegraph
Published Nov 29, 2022 01:05PM ET
Updated Nov 29, 2022 02:40PM ET
Bitcoin (BTC) bulls were hopeful that the Nov. 21 dip to $15,500 would mark the cycle bottom, but BTC has not been able to produce a daily close above $17,600 for the past eighteen days.
Traders are clearly uncomfortable with the current price action and the confirmation of BlockFi's demise on Nov. 28 was not helpful for any potential Bitcoin price recovery. The cryptocurrency lending platform filed for Chapter 11 bankruptcy in the United States a couple of weeks after the firm halted withdrawals.
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Written By: Cointelegraph
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