TL;DR
Bitcoin and Ethereum options contracts expire, creating significant anticipation.
Both assets face key levels that must be surpassed to maintain their bullish trends.
Traders are showing a positive outlook, with more long contracts in both assets.
Today, January 3, Bitcoin (BTC) and Ethereum (ETH) options contracts worth $2.6 billion are set to expire. With $2.15 billion in Bitcoin contracts and $453 million in Ethereum contracts, this event is generating significant market attention as it could lead to major price movements.
Bitcoin: A Tailwind to Break Resistance
Bitcoin sees the expiration of 20,000 options contracts worth $2.15 billion. Although this is much less than last week’s expiry, it remains relevant. Sentiment towards Bitcoin remains positive, as there are more long contracts than short ones, signaling optimism about its future price movements. A critical level to watch is the resistance at $97,000. Breaking through this could drive the price towards $120,000, as most of the open contracts are concentrated at this level.
Traders will be alert for any signs of a bullish breakout, which could lead to significant volatility in the coming hours, impacting buying and selling decisions. Should Bitcoin surpass this resistance, it could open the door for even higher price levels in the near future.
Ethereum: Breaking Barriers to Maintain Bullish Momentum
Ethereum will see the expiration of 1.3 million contracts worth $453 million. The put-to-call ratio of 0.33 reflects a positive sentiment among traders, as many anticipate further price gains. However, Ethereum faces a key barrier at $3,600. Surpassing this level could allow it to continue its bullish trend, as it is currently trading near $3,430. If Ethereum breaks through that resistance, it could accelerate its rally, potentially reaching new highs.
Today’s options expiry could lead to significant price movements. If Bitcoin surpasses the resistance at $97,000 and Ethereum breaks $3,600, both assets could continue their upward trajectory. These events are crucial for determining the short-term direction of the cryptocurrency market. The volatility in the coming days could present important investment opportunities or risks for traders. It will be interesting to see how market participants react to these price levels, as they could set the tone for the next major rally or pullback.
