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Bitcoin price corrected, but bulls are positioned to profit in Friday’s $580M BTC options expiry

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Bitcoin (BTC) price has held above $20,700 for 4 days, fueling bulls' hope for another leg up to $23,000 or even $25,000. Behind the optimistic move was a decline in inflationary pressure, confirmed by the December 2022 wholesale prices for goods on Jan.

18. The United States producer price index, which measures final demand prices across hundreds of categories also declined 0.5% versus the previous month.Eurozone inflation also came in at 9.2% year-on-year in December 2022, marking the second consecutive decline from October's 10.7% record high.

A milder-than-expected winter reduced the risk of a gas shortages and softened energy prices, boosting analysts' hope of a "soft landing." According to analysts, a soft landing would avoid a deep recession and possibly convince central banks to curb their interest rate hikes.This week's Jan.

20, $580 million BTC options expiry looks like an easy win for bulls because the surprise 7-day 23% rally above $21,000 caused most bearish bets to become worthless.

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