Bitcoin Price Drops Below $28k as Options Expire, Inflation Rises, and SEC Decision Looms

Bitcoin (BTC) price has decreased since reaching a high of $28,592 on October 2, confirming resistance at the $28,000 level.

Today is the deadline for the SEC to challenge the court ruling on a Spot Bitcoin ETF. Their inaction could lead to approval of all spot Bitcoin ETFs.

24,000 Bitcoin options contracts worth $640 million are expiring today, 50% more than last week.

The US CPI came in at 3.7%, slightly above forecasts, which could lead to a small rate hike next meeting.

Technical analysts see the Bitcoin price potentially bottoming around $21,800, which would be a 20% drop from current levels, before potentially bouncing back up towards $30,500 resistance.