The August 16 options expiration has caused significant price action in the cryptocurrency markets. Bears continue to maintain control despite potential trend stabilization. Options data points to bearish trends for both Bitcoin and Ethereum.
Bitcoin and Ethereum have experienced significant price swings as the option expiration date approaches on August 16. On Wednesday, Bitcoinâs value fell from $61.8K to $57.9K in a single day. Such price movements are common as traders await the expiration date. Despite the potential for price stabilization, technical indicators and liquidity charts suggest a bear trend is more likely. According to Deribit data, Bitcoin option open interest stood at around $1.414 billion just before the expiration date, indicating general bear market trends.$BTC
Bitcoinâs put/call ratio is set at 0.83, indicating a slight uptrend in the market but a generally balanced sentiment. The biggest pain point is set at $59.5K, where most options would become worthless. The price fell below $58.5K on Thursday, but no reversal has been observed.$ETH
While a decrease in volatility is expected in the coming days, bearish trends continue in both major cryptocurrencies. Bitcoinâs market structure remains distinctly bearish, with On-Balance Volume (OBV) consistently showing selling pressure on the 6-hour chart. This lack of momentum is consistent with the current market structure, suggesting no signs of a reversal in the near future.
The Role of Liquidity Maps and External Data
Liquidation heatmaps make near-term bearish targets and a move south more likely. For Bitcoin, liquidity pools are located around $55.1K and $53.9K, while key liquidation levels north of $70K appear out of reach in the near term. For Ethereum, the closest liquidity pocket is located at $2.4K, with the upside target band of $2.8K to $2.9K considered less likely.
Macroeconomic Factors and Market Expectations
The Consumer Price Index (CPI) rose 0.2% monthly in July, matching market expectations. However, with the possibility of a significant Federal Reserve rate cut waning, technical, liquidity and macroeconomic factors continue to support bear trends in the month ahead.
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