Alex Mascioli | Source | Head of Institutional Services at BEQUANT

It feels like there has been a slight shift of the wind from the end of last week where Bitcoin was bouncing off the 50 MA and we were testing and retesting the upward trendline for an anticipated $8 - $9k breakout. Now, after failing to sustain the $7,000+ level we are seeing an increase in open-interest in options, fueling higher selling pressure. The $3k level may be a bit of an over-retraction and, as such, we are looking for support in the $4.5k neighborhood if pressure continues.