Bittime - Crypto traders are bracing for the expiration of 18,060 Bitcoin options and 270,440 Ethereum options today. What are the prospects for market recovery in the face of this event?
Current Market Context
Bitcoin and Ethereum prices have experienced declines during volatile market periods. Traders and investors tend to be careful in taking new steps amidst this uncertainty. In this situation, the main focus is on the expiration of more than $2 billion of Bitcoin and Ethereum options scheduled to expire today.
Check Current Crypto Market:
Bitcoin Options Expiry
More than 18,060 BTC options worth $1.21 billion are set to expire, with a put-call ratio of 0.63. The maximum pain point is $68,000, indicating pressure on Bitcoin prices .
Nonetheless, traders remain optimistic about the potential recovery of BTC price above $70,000 this week. BTC call volume in the last 24 hours was higher than put volume, with the put-call ratio reaching 0.75.
Also Read How to Buy Crypto:
Ethereum Option Expiry
On the other hand, a total of 270,441 ETH options worth nearly $0.89 billion are set to expire, with a put-call ratio of just 0.38. The maximum pain point is $3,400, which is higher than the current price.
However, if the ETH price fails to rise above the maximum pain point, further downside is likely.
ETH call volume was higher than put volume in the last 24 hours, with the put-call ratio reaching 0.31.
Market Recovery Potential
QCP Capital analysts point out that BTC price is currently caught in a rage after dropping below $70K. However, demand for BTC long positions continues.
The combination of such demand with the upward momentum of Bitcoin ETF inflows could support BTC prices to rise above $70,000 by the end of the week.
Check Today's Crypto Prices:
Meanwhile, the ETHBTC market is under pressure after breaking a critical support level. Although analysts still expect upside from this level, they advise hedging against the possibility of further downside.
As such, the crypto market is paying close attention to today's Bitcoin and Ethereum option expiry, while remaining alert to the ever-changing market dynamics.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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