Bitcoin Price Clings to $8K as 37,000 BTC Options Set to Expire Today

Bitcoin price stayed bounced back above $8,000 on Sept. 27, the day when over 50% of open interest in Bitcoin options is set to expire.

The lackluster performance continued a week of misery for Bitcoin traders, who saw the largest cryptocurrency shed a total of 21% since the previous weekend.

Friday marked a notable settlement date for Bitcoin options, including CME Group's Bitcoin futures.

As Cointelegraph reported, such events have historically exerted downward pressure on the Bitcoin price.

In response to a survey, the roughly 600 accounts appeared evenly split between the settlement being a bearish or bullish trigger for Bitcoin.

While $8,000 marks Bitcoin's lowest since mid-June, Bitcoin price remains on track to new all-time highs, according to a proven accurate model based on its stock-to-flow ratio.

Altcoins meanwhile managed to stave off major losses as Bitcoin fell.

Many of the top twenty tokens by market cap in fact shed less than Bitcoin over the past 24 hours.

Some fared worse than others: while Bitcoin SV was down 1.2% on the day, Binance Coin lost closer to 4.5%. Ether, the largest altcoin by market cap, was 2.4% lower at press time, trading around $166.Ether seven-day price chart.

The overall cryptocurrency market cap was $214 billion, $7 billion lower than the day previously and at its lowest level since early May. Bitcoin's share also dipped slightly further to exactly 68%.Keep track of top crypto markets in real time here.