Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry By Cointelegraph

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Here’s why bears aim to keep Bitcoin under $29K ahead of Friday’s $640M BTC options expiry

Over the past nine days, ‘s (BTC) daily closing price fluctuated in a tight range between $28,700 and $31,300. The May 12 collapse of TerraUSD (UST), previously the third-largest stablecoin by market cap, negatively impacted investor confidence and the path for Bitcoin’ price recovery seems clouded after the Stock Market Index plunged 4.7% on May 18.

Disappointing quarterly results from top United States retailers are amping up recession fears and on May 18, Target (NYSE:) (TG) shares dropped 25%, while Walmart (NYSE:) stock plunged 17% in two days. The prospect of an economic slowdown brought the S&P 500 Index to the edge of bear market territory, a 20% contraction from its all-time high.

Bitcoin options aggregate open interest for May 20. Source: CoinGlass