Bitcoin Price Drop May Be a Bear Trap, Options Market Suggests

By Omkar Godbole

Bitcoin is feeling the pull of gravity on Monday alongside losses in the traditional markets. 

At press time, bitcoin is changing hands near $9,080, representing a 2.7% decline on the day. Prices hit a three-week low of $8,910 during the early European trading hours, according to CoinDesk’s Bitcoin Price Index

Meanwhile, futures tied to the S&P 500 are down over 2.5% and major Asian and European equity market indices are in the red red, apparently over fears of a second wave of coronavirus infections in China.

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