Bitcoin reverses intraday gains as bears aim to push BTC price below $18,000, by Cointelegraph

©Reuters.

On December 14 (Bitcoin) broke above $18,000 for the first time in 34 days, marking a 16.5% gain from the low of $15,500 on Nov. 21. The move followed a 3% surge in S&P 500 futures in three days that reclaimed critical 4,000-point support.

Bitcoin/USD Index (orange, left) vs. S&P 500 futures (right). Source: TradingView

As BTC price started the day in favor of bulls, investors eagerly awaited the Federal Reserve’s decision on interest rates, along with comments from Fed Chair Jerome Powell. The subsequent 50 basis point hike and Powell’s explanation of why the Fed would stay the course gave investors good reason to doubt that BTC price will hold its current gains, leading to the $370 million options expiration on March 16 December led.

Bitcoin Options Aggregate Open Interest for December 16th. Source: CoinGlass

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