Bitcoin failed to break through $117,200, facing downward pressure on price

According to Cointelegraph, Bitcoin failed to close above $117,200 on Friday, causing the price to fall back. The $4.9 trillion worth of option expiration event on Friday added pressure on Bitcoin longs. The transaction order book shows that a purchase order of more than $110,000 forms a price "magnet". Analysis points out that if Bitcoin closes above $117,200, there will be a chance to retest $120,000. Crypto investor Ted Pillows predicts Bitcoin price pressure will continue due to options expiration events. Trading Resources TheKingfisher notes that order book liquidity is concentrated in the range of $110,000 to $113,000. Glassnode observed that Bitcoin’s order book changes after FOMC’s rate cut, and prices may decline in the short term.