(BTCThe bulls felt euphoric as the price rose to $69,000 Nov. 10, because they had accumulated a 14.5% gain over five days which meant that their options expired for $715 million.

The 9% decline in price on Nov. 16 was a surprise to bulls, particularly since the majority of call (buy) options Nov. 19 were priced at $66,000 or more. Surprisingly, this price range has not been the norm.