Bitcoin (BTC) price has fallen below the $60,000 level and is currently trading around $58,400. Altcoins are also going through a tough time and there is a possibility that this situation will get worse. According to analysts, the risk of BTC falling further has increased because options expiration can lead to large fluctuations.$BTC

According to Deribit data, more than $1.4 billion worth of options contracts are set to expire soon. This could affect the BTC price, as the $60,000 level is considered to be the “maximum pain point,” and if the price fails to break this threshold, a deep sell-off to $56,000 is possible.

On August 14, there was a net outflow of $81 million in spot BTC ETFs, which can be attributed to the lack of macro data and the global emergency declared due to the monkeypox virus. According to Bitfinex analysts, positive CPI data could encourage more ETF inflows. Investors may be positioning themselves to take advantage of expected interest rate cuts and potential market rallies. This could lead to continued and accelerated inflows into ETFs, suggesting a shift in sentiment toward risky assets.

Researchers at Trade Confident note that whale activity indicates a possible drop in BTC price to $56,000. Options expiration and lack of volume over the weekend could trigger downward fluctuations in BTC price over the next 48 hours.

The analyst, who goes by the pseudonym Crypto Pump Analytics, similarly targets $56,000. However, it is important to remember that cryptocurrencies are difficult to predict and sudden news or large purchases can cause the price to move in the opposite direction. This suggests that BTC’s long-standing stagnant price movements will eventually come to an end.

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