Bitcoin Veterans Know to Keep Their Eyes on $19,511 Level

amid the latest swoon. But veterans know to be on the lookout for a more noteworthy one: $19,511.

In addition, besides the psychological importance of the level, most of the open interest in Bitcoin options is based on the $20,000 strike price, according to Arcane, “which can contribute to selling pressure in the spot market should the price fall below.” The coin’s drop this year has brought it to around $20,700 Wednesday, its lowest point since December 2020, meaning no one who bought over the past year and a half has made a profit. Many analysts are now watching indicators to see who else might come under pressure to sell.

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