There is a ton of pressure now that institutions are holding large amounts of crypto and VCs are pumping money into projects. Combine that with there being options and futures available now on Bitcoin and you have a market that is a bit more manipulated. You have over $6 billion worth of options expiring today with a maximum pain price for Friday’s option expiration at $48,000, which is the strike price with the most open options contracts. In other words, $48,000 is a strike price that would cause losses for the majority of options holders at expiration. Like clockwork, BTC is hovering right around 48k and will likely all day. Next week is when we can expect to see a move in one way or another.
OK, thanks for bringing this up, I totally forget the bitcoin expirations, that's why it was pump to $48k and then suddenly goes down to $46k in the last couple of hours. And you are right usually before the expiration, prices tends to go down obviously. But there is a good case that the price might pick up again next week as usually the first week of the year are very bullish in the last 4 years.