This market may be further smashed, and the price fell to below $60,000

Today, the price of Bitcoin fell to the $60,000 level, which unsettled the entire cryptocurrency market. This decline has spread to other major cryptocurrencies, which have also seen significant declines.

The market is very curious about the potential factors of this decline, especially considering the surge in Bitcoin prices over the weekend. Market participants want to figure out whether this decline is a short-term correction or a signal of deeper problems, so discussions are intensifying.

The role of Bitcoin and Ethereum option expiration

Another key factor leading to the decline in Bitcoin prices is the upcoming expiration of a large number of Bitcoin and Ethereum option contracts. Data shows that more than $1.04 billion worth of Bitcoin options are about to expire, with a put/call ratio of 0.80 and a maximum pain price of $63,000.

Similarly, $479.3 million worth of Ethereum options (put/call ratio of 0.38 and a maximum pain price of $3,450) are also set to expire on the same day. These expiring options have brought uncertainty, causing traders to re-adjust their positions before the expiration date.

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