This week marks a significant expiry of Bitcoin and Ethereum options, totaling around $17.3 billion. This major event can influence the cryptocurrency market landscape.
Bitcoin Options Expiry
On Friday, June 27, approximately 140,000 Bitcoin options contracts will expire, with a notional value around $15 billion. The put/call ratio is 0.74, indicating more long positions compared to shorts. The max pain point is $102,000, about $5,000 below current market prices.
Crypto Market Overview
Current total market capitalization has retreated by 2.5% to just below $3.4 trillion. Bitcoin failed to break resistance at $108,000 and has fallen back to the $107,000 region, although it has shown resilience since recovering from a Monday crash to $98,500. Ethereum remains stagnant, struggling to surpass its former support level of $2,500.
Current Trends and Forecasts
According to a recent market update from Greeks Live, traders are experiencing mixed sentiment due to ongoing war-related news and misleading ceasefire reports, causing market whipsaws. Technical analysis suggests that BTC might have the potential to rise, yet traders are divided between bearish outlooks and bullish momentum.
The expiry of Bitcoin and Ethereum options could have a significant impact on the overall cryptocurrency market. Investors and traders will continue to closely monitor developments and asset prices in the coming days.
