The leading cryptocurrency, Bitcoin, encountered strong resistance at $61,300 this week. On Thursday, BTC prices fell below $57,000 before recovering. Ethereum, on the other hand, lost the critical $2,500 level. All eyes are now on Friday’s Bitcoin and Ethereum options expiration, suggesting an intense battle between bulls and bears.
Option Maturities and Expectations
According to Kriptokoin.com, the market had a tough time with the sales yesterday. Although it partially recovered its losses today, it is having difficulty moving forward. Investors and traders are evaluating the effects of the options that will expire today on the market. On Friday, August 16, a total of 24,000 Bitcoin options will expire and will expire with a put-call ratio of 0.83. The nominal value of these options is $ 41.4 billion and the maximum pain point is set at $ 59,500. This put-call ratio shows intense competition between bulls and bears. At the time of writing, the Bitcoin price was trading at $ 58,238, down 4.35% on a weekly basis, and technical indicators predict that the BTC price will decline to $ 54,000.
Current options expiration represents only 10% of the market open interest. Positions for August, September and December are slightly above 20% respectively. This distribution shows that the options market is relatively balanced and flexible. The options market indicates that volatility in the crypto market may decrease in the future, which indicates that the market may enter a more stable period.
In addition to Bitcoin options, a total of 184,000 Ethereum (ETH) options will expire today with a put-call ratio of 0.80. These options have a notional value of $470 million and a maximum pain point of $2,650. Ethereum was also trading at $2,601 at the time of writing, down 2.73% on the week.
Despite the cooling CPI inflation data, Bitcoin bulls are facing strong resistance at $61,300 levels. The leading cryptocurrency has failed to gain traction in the current market volatility. 10x Research notes that macroeconomic headwinds are preventing Bitcoin from rallying to $66,000. They also emphasize that traders are confused by the strong disconnect between US tech stocks and the crypto market.
According to a report by 10x Research, Bitcoin is expected to fluctuate between $50,000 and $60,000, while on the upside, it is likely to face strong resistance in the $60,000-$61,000 range. This potential slowdown could provide an opportunity to reset oversold technical indicators and increase the likelihood of Bitcoin retesting its August 5 lows of $50,000.
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