Market 
Cash 
Even after the latest breakdown to the $40,000 level, Bitcoin (BTC) price are still up against a downward pressure in August. During late July the 42% rally which gave room for some strong affirmations for short-term bets but the initial data was a big help for the neutral-to-bullish call options, also they didn’t succeed in sustaining $40,000 and this eventually became a let-down.
Even after the latest breakdown to the $40,000 level, Bitcoin (BTC) price are still up against a downward pressure in August. During late July the 42% rally which gave room for some strong affirmations for short-term bets but the initial data was a big help for the neutral-to-bullish call options, also they didn’t succeed in sustaining $40,000 and this eventually became a let-down.
On the more positive side of this deal is the pressure is mainly coming from the infrastructure side in the United States Senate. HR 3684 is imposing strict regulation on businesses handling cryptocurrencies and widens the reporting needs for brokers and this ended up affecting the markets bullish increase. Regarding the rules and regulations, the backers of the bill think that they can find $28 billion in extra funding by developing the taxation on digital asset transactions. These new measures were added to the deal soon after the debate between Republicans and Democrats and soon after this another bearish factor came up. Micheal Hsu, the acting Comptroller of the currency, declared that regulators are researching the commercial paper reserves backing tether (USDT).
About $120 million In call options will participate in Friday’s expiry if Bitcoin rests below $39,000. Also, $35 million of the neutral-to-bearish options will be live and this would end up with a $85 million advantage for the bulls. Nevertheless, if Bitcoin trades above the $39,000 level by Aug 6, it will increase up to $110 million. But if the bulls join hands to shoot the market higher than $40,000, the call options will get ahead the shield puts by $162 million. Although the options end after less than 17 hours, Bitcoin’s capability does not disappoint. Bulls are ahead of the game with their pace and they are most likely going to achieve the benefit to maintain prices above $38,000.
Even with the on-going threats received from the U.S senate and Tether investigation the chances of achieving fruit in short term and the possibility of the bears making a return is really thin. Soon after the expiry the bulls will utilize their profits and positions for the future to further strengthen their present $37,500 support.
