Bitcoin price has been locked in a tight range between $54,000 and $60,000 since March 15. A record $6 billion in options to expire this Friday. Traders feel upbeat about bitcoin with more open interest in call options than puts. Based on the precedents of January and February expirations, Bitcoin price will be volatile on Friday even if the bullish traders hold control according to current options data. The volatility could be the catalyst to shake BTC from the descending triangle. Bitcoin price action testing traders patience During the seven days before the January 29 options expiry, BTC traded in a $4,000 price range on average or below-average volume before it jumped almost 14% in the first twelve hours of trading, followed by a drop of 10% in the second half of the day. In the run-up to the February 26 options expiry date, BTC traded in a narrow price range before it dropped by 9% in the first twelve hours of trading, followed by a further decline of 6.5% in the second half of the day. Since March 15, Bitcoin price has remained in a $6,000 price range, stalling near $60,000 and finding support at the 50 twelve-hour simple moving average (SMA). The lack of aggressive trading may signify to traders not to take Friday off and be prepared for 24-hours of price volatility. If price volatility spikes to the downside, a region of support framed by the 50% retracement level at $52,400 and the 61.8% retracement level at $50,190 will be in play. Additional support appears at the 78.6% retracement level at $47,000 before a gap down to the February 28 low at $43,000. BTC/USD 12-hour chart A jump in volatility to the upside will find immediate resistance at the February high’s confluence with the declining trendline of the descending triangle around $58,500. A daily close above the all-time high at $61,788 will release BTC for an aggressive rally to the 161.8% Fibonacci extension at $70,500. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next AUD/USD: Bears eye yearly bottom under 0.7600 amid mixed sentiment, US dollar strength FX Street 1 year Bitcoin price has been locked in a tight range between $54,000 and $60,000 since March 15. A record $6 billion in options to expire this Friday. Traders feel upbeat about bitcoin with more open interest in call options than puts. Based on the precedents of January and February expirations, Bitcoin price will be volatile on Friday even if the bullish traders hold control according to current options data. The volatility could be the catalyst to shake BTC from the descending triangle. Bitcoin price action testing traders patience During the seven days before the January 29 options expiry, BTC traded… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.