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Bitcoin! I hear the sound of hooves?

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Hello traders, in the above chart I would like to present you the current situation on the Bitcoin market. Currently, the price is defending at $ 31k-$ 32k, on the 8 hour chart, we can see that the MA50 begins to swing southwards, if in the next 2 days the MA50 crosses the MA 100 southwards it will be a strong signal to leave ship! In my opinion, the buyers will try to prevent this from happening, and in the next 2-3 days we should see a significant upward break on the chart. How can you be so bullish in this situation? there are several factors responsible for this, one of them is that on Friday, January 29, a record bitcoin options worth nearly $ 4 billion will expire.

There is a good chance that this will cause a lot of volatility. According to data from the cryptocurrency analysis provider bybt.com, options contracts on bitcoin expire on Friday. These represent value of approximately 107,000 bitcoins, or $ 3.5 billion at the current rate. Option contracts allow investors to buy or sell the cryptocurrency at a specified price within a specified period of time. The combined size of 3.5 billion dollars is a record, the previous record was reached last month at the end of December. Then contracts worth $ 2.4 billion expired, optimistic about bitcoin value
Trade data shows speculators are feeling optimistic about bitcoin, despite recent surveys suggesting Wall Street investors think bitcoin looks like a bubble. There is currently more interest in call options, a bet that the bitcoin price will rise, than interest in put options, a bet on a falling bitcoin price.
The coming expiration date of bitcoin's options could spark a wave of price volatility, with previous major terminations catching investors' attention. In addition, the size of the bitcoin open interest market has soared recently, more than doubling since the summer.
The rise in bitcoin has accelerated in recent months. Since October, the currency has risen by almost 250%, but bitcoin has not been able to dampen the extreme volatility, it still happens regularly that the price fluctuates by more than 10% within a trading period of 24 hours. For example, the bitcoin price has risen 7.5% in the last 24 hours.
Deutsche Bank shared the outcome of a major survey last week. This shows that investors are concerned that the value of bitcoin could halve by 2021. About 50 percent of respondents gave bitcoin a score of 10 on a scale of 1-10 for bubbles. Bank of America said bitcoin is currently the world's most popular trade among investors. This is the first time since October 2019 that the technical stocks have been pushed out of the top spot.
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