##Reasons Why Bitcoin Fell But Will Hold At $10,000

 

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Bitcoin and cryptocurrency markets have been volatile recently, ending an upward trend for almost every coin traded on Coinbase of Binance. After a summer wave of rising value, bitcoin prices suddenly started dropping in early September. Bitcoin, which had broken the $12,000 threshold in late August, dropped to around $10,000 once the calendar flipped to September. The why seems obvious.

The bitcoin market is braced for almost half of nearly $2 billion worth of bitcoin options to expire at the end of this week. Several analysts are predicting this could spark more volatility in the markets. The Bitcoin open interest market, essentially investors/gamblers bet on bitcoin prices, has climbed to $1.9 billion according to data from analytics provider Skew. Apparently almost half of all existing contracts are due to expire this coming Friday.

The big whales dabbling in specualtion to control the market are battling. As these options expire, investor that speculated on the price stand to gain a decent profit but some could take rather substantial losses. The bitcoin options expiry run could ignite a fresh wave of price volatility, as has previously been the case. 

The bitcoin options market really gained popularity in 2020, same as the DeFi markets. This options market found a home with Deribit, a Panama-based derivatives exchange that has handled the majority of transactions in the bitcoin options market. The good news for most investors is that Bitcoin held at the psychological $10,000 level.

"Bitcoin has resisted the bears' pressure below $10,000, saving itself from falling further towards $9,000 and below," Alex Kuptsikevich, the FxPro senior financial analyst, told Forbes, saying the market is seeing "growing interest from institutional investors after some stagnation...It is worth paying attention to the reduced volatility in bitcoin in recent days, along with cautious price growth. This is more akin to careful buying following the optimism of global markets, rather than going all-in on the prevailing optimism."

There are also many people who had feelings of regret not buying in at $10,000. They watched as Bitcoin flew to $20,000 and then held in the middle ground. Now those people have found a way to get in at the price they originally felt good about and that is a reason to feel good about buying Bitcoin now, in anticipation of the next run of profits.