Get some free BNB rewards click here 🎁 **Bitcoin Options Expiry and US Labor Data: BTC Price on the Verge of an $83,000 Rally**
In the crypto market, the upcoming expiry of $2.2 billion worth of Bitcoin and Ethereum options is generating significant anticipation.
This could result in either a major sell-off or a bullish market outlook. About 17,493 BTC options, valued at approximately $1.24 billion, are set to expire, with investors closely watching the $70,000 level as a key price point.
The put-call ratio of 0.69 suggests ample room for liquidation, particularly under current selling pressures.
Similarly, nearly $1 billion worth of Ethereum options (260,000 ETH) are nearing expiration, with a put-call ratio of 0.65.
The max pain point for Ethereum is $3,650, slightly below the current trading price of $3,813. Traders should monitor trading volumes closely to gauge Ethereum's short-term price direction.
Adding to the market complexity, today's release of US nonfarm payrolls and unemployment rate data is also in focus.
The Bureau of Labor Statistics is expected to report 185,000 new jobs for May 2024, up from 175,000 in April.
The unemployment rate is projected to hold steady at 3.9%, with wages expected to rise by 0.3% month-over-month. An unexpected increase in unemployment could positively influence the market as investors reassess their outlook.
Analysts believe deviations from expected economic figures could significantly sway market sentiment. High unemployment rates combined with robust job additions could bolster investor confidence, potentially driving further rallies in both Bitcoin and Ethereum prices.