Bitcoin’s price may be heading for a rough patch as it struggles to stay above $60,000 ahead of a key options expiry on August 16.Â
With over $1.4 billion in Bitcoin options set to expire, the market could see increased selling pressure. This could push Bitcoin below crucial support levels.Â
Currently, Bitcoin is trading at around $58,100, having dropped more than 3.6% in the last 24 hours. Unless the price recovers above $60,000 soon, the large options expiry could lead to further declines.Â
Could Bitcoin ETFs Offer a Boost?Â
Bitcoin ETFs saw positive inflows for two days but faced net outflows of over $81 million on August 14, as reported by Farside Investors.Â
However, the recent Consumer Price Index (CPI) data might boost Bitcoin ETF inflows. The US Bureau of Labor Statistics reported a 2.9% annual CPI increase for July, the slowest since 2021.Â
Bitcoin ETFs were a major driver of the cryptocurrency’s price increase earlier this year. They contributed significantly to Bitcoin reaching over $50,000 in February.Â
Will Bitcoin Drop Below $56,000?Â
Bitcoin may dip below $56,000 before finding more upward momentum. Market sentiment among large holders suggests that this level could act as a key support.Â
According to Trade Confident’s analysis, Bitcoin might test the $56,000 mark, which could become a crucial demand zone.Â
