The current situation in the Bitcoin and Ethereum market is influenced by several factors that may affect future price dynamics, particularly the expiry of options and expectations regarding US inflation.
Expiry of Options on Bitcoin and Ethereum
According to Deribit data, over 139K Bitcoin options with a notional value of more than $15 billion are set to expire on June 27. At this time, the put-call ratio was 0.74, indicating a moderately bearish sentiment among traders. This event has become the largest options expiry of the year, and traders are being cautious. The max pain point is at $102,000, which suggests a possible correction in BTC price.
Potential Risks for Prices
Additionally, the U.S. inflation data is expected to put pressure on the market. Economists forecast that the PCE index may come in at 2.3%, which is higher than the previous month's 2.1%. Furthermore, Fed Chair Jerome Powell has maintained a hawkish stance on monetary policy, which may also impact markets. On-chain data from CryptoQuant signals a potential sell-off in Bitcoin as the MVRV Ratio indicates a slowdown in momentum.
Current Price Trends
Today, Bitcoin trading has shown sideways movement with slight declines, currently priced at $107,199, within a range of $106,817 to $108,305. Trading volume has decreased by 7% over the last 24 hours. Meanwhile, Ethereum has also pared earlier gains, trading at $2,436, with a range from $2,399 to $2,519; however, trading volume has increased by 13%. Traders are advised to monitor trading volumes and liquidations over the next 24 hours.
The situation in the Bitcoin and Ethereum markets remains uncertain amid the expiry of large options and the anticipation of economic data. Traders should stay alert to changes in trading volumes and other signals in the coming days.
