BTC Price Rises to $70K This Week After Bitcoin and Ethereum Options Expiration Today
Bitcoin and Ethereum prices are taking a breather amid volatile market conditions, with traders mostly staying away from making new trades amid uncertainty in the crypto market. Additionally, traders and investors are preparing for over $2 billion for Bitcoin and Ethereum options to expire on Friday. However, QCP Capital predicts that the BTC price could rise to $70,000 this week.
Bitcoin and Ethereum Options Expiry
After the market saw one of the largest crypto options worth over $15 billion expire last Friday, the crypto market is waiting for options worth over $2 billion to expire to clear up some uncertainty.
On 18,060 Bitcoin options This bond, which has a notional value of $1.21 billion, will mature with a put-call ratio of 0.63. The maximum pain point is $68,000, which shows the pressure on Bitcoin at the moment. Although downward pressure on implied volatility has been released, volatile price movements are still expected (IV). Investors are positive that BTC price will recover above $70,000 this week.
In the last 24 hours, BTC call volume is 10,817, higher than put volume 8,076. The take rate is 0.75.
Meanwhile, 270,441 ETH options Almost $0.89 billion of notional value is about to expire and has a bid-ask ratio of just 0.38. The maximum pain point is $3,400, which is higher than the current price of $3,287. This suggests that the ETH price could fall further if it cannot rise above the maximum pain point. It is necessary to follow trading volumes for further guidance on ETH price directions.
In the last 24 hours, ETH call volume was 155,690 and selling volume was 49,100. Call open interest is higher than put open interest, with a put call ratio of 0.31.
Also Read: Bitcoin Options Market – Volatility Drops Amid BTC Price Decline
BTC Price Rises to $70,000 to Trigger Broader Market Recovery
QCP Capital Analysts said BTC price remained in a tight rut after falling below $70,000 and there was not enough Bitcoin ETF inflow to catalyze price movement in either direction. However, demand for BTC long positions continues.
This BTC upside demand, along with some upward momentum in spot Bitcoin ETF inflows, “should support the BTC price and perhaps even BTC is over 70 thousand at the end of the week.”
ETHBTC After breaking below 0.05, it tested a critical support level. There is an ongoing massive sell-off in ETH calls which is reducing volumes and also putting downward pressure on the ETH price.
ETHBTC is currently at a 2-year low as the Bitcoin halving approaches. Analysts still expect a bounce from these levels but are urged to hedge gains against possible further declines.
BTC price is currently trading at $67,105 and is trading at a 24-time high at $69,291. ETH price is trading at $3,285, falling from $3,443 following the Fed’s official hawkish comments.
Also Read: bitcoin cash (BCH) Price Reaches 3-Year High Above $700, Is There More Steam Left?
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Varinder has 10 years of experience in the Fintech industry and has been dedicated to blockchain, crypto and Web3 development for over 5 years. A tech enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in more than 5,000 news stories, articles, and articles. Varinder believes in the great potential of future innovative technologies with parofix Media. He currently covers the latest updates and developments in the crypto industry.
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