{"id":565450,"date":"2024-08-16T11:56:07","date_gmt":"2024-08-16T11:56:07","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=565450"},"modified":"2024-08-16T11:55:49","modified_gmt":"2024-08-16T11:55:49","slug":"bitcoin-price-stalls-at-58k-with-1-4b-btc-options-set-to-expire-as-analysts-predict-this-shib-2-0-could-100x","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-stalls-at-58k-with-1-4b-btc-options-set-to-expire-as-analysts-predict-this-shib-2-0-could-100x","title":{"rendered":"Bitcoin Price Stalls At $58K With $1.4B BTC Options Set To Expire As Analysts Predict This SHIB 2.0 Could 100X"},"content":{"rendered":"
The Bitcoin price rose by a fraction of a percentage in the last 24 hours <\/span>to trade at $58,346<\/span><\/a> as of 03:36 a.m. EST on trading volume that surged 5% to $34 billion.<\/span><\/p>\n This comes as around 24,300 Bitcoin options contracts expire today, with a notional value of around $1.4 billion.<\/span><\/p>\n Will Bitcoin fall after the options expire, having stalled around $58K in the last two days?<\/span><\/p>\n The Bitcoin price movements in July formed a rounding top pattern as the bears took control of the price and drove it to the $49,000 support. However, in August, the price of Bitcoin invalidated the bearish sentiments of the pattern, soaring to the $63,000 resistance, according to data from GeckoTerminal<\/a>.<\/span><\/p>\n BTC has since been trading within a falling channel pattern, but the price bulls aim for a price rebound over the channel.<\/span><\/p>\n The price of Bitcoin still trades below both the 50-day and 200-day Simple Moving Averages (SMAs), supporting the bearish movements from its resistance level.<\/span><\/p>\n Moreover, the Relative Strength Index (RSI) currently trades slightly below the neutral level, at 43, which indicates that bulls are accumulating and aiming for a rebound over the channel.<\/span><\/p>\n According to the Bitcoin price analysis, BTC is currently bearish, but shows that the bulls are preparing for a rebound over the falling channel pattern. If the bulls take charge of the price at this level, BTC could soar, as the bulls currently target $68,000.<\/span><\/p>\n However, if the bears sustain the current pressure, the price of Bitcoin could plunge back to the $54,314 support zone.<\/span><\/p>\n Meanwhile, as the Bitcoin price aims for a bullish rally, investors are also piling into a Shiba Inu derivative called<\/span> Shiba Shootout (SHIBASHOOT)<\/span><\/a>, which has amassed over $961k in its explosive presale.<\/span><\/p>\n According to the crypto channel 99Bitcoins, investors who buy $SHIBASHOOT have the possibility of earning insane rewards.<\/span><\/p>\nBitcoin Price Could Rebound<\/h2>\n