Bitcoin News: Bitcoin price risks a massive fall today if it breaches the 22,000 level. BTC options with $1.8 billion value expire, with a Put/Call ratio of 0.66 and the max pain at $22,000. Similarly, Ethereum price could also tumble as ETH options with a relatively small $863 notional value expire, with max pain at $1600.
Amid the major liquidation risk today, whales have moved over 10,000 BTC. Whales Alert on February 24 revealed two transactions with 5000 BTC each moved to a different wallet. The platform also reported 1037 BTC, 999 BTC, and 2046 BTC moved by whales.
Bitcoin price currently trades at $23,858, down nearly 1% in 24hrs. The 24-hour low and high for BTC price are $23,693 and $24,177, respectively.
Popular crypto analyst Michael van de Poppe noted that the U.S. Bureau of Economic Analysis data on the Core PCE Price Index today is the final data to watch. Core PCE MoM is expected at 0.4%. Anything lower will be positive for markets.
Also, traders need to keep an eye on the U.S. Dollar Index (DXY), which continues to move higher. The U.S. GDP for Q4 came in at 2.7%, slowing from 3.2% in the previous quarter. However, the weaker-than-expected economic growth news is expected to push the U.S. Federal Reserve to stick to a small rate hike in the next FOMC meeting on March 21-22.
According to Michael van de Poppe, the markets are still having a regular correction inside an uptrend. He suggests that as long as Bitcoin remains above $22K, it would be sufficient to expect continuation above $25K.
There hasn’t been a 3rd consecutive retest of $23.7K yet, but the BTC price is still holding above the Lower High resistance. If this price stability continues here, it indicates the price is slowing moving in the sell-side momentum against this new Lower High support.
Also Read: Ethereum Announces First Long-Standing “Holli (Holesovice)” Testnet To Solve ETH Supply Issues
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