Buy $GGsCrypto Market Braces For $6.5 Bln Bitcoin And Ethereum Monthly Expiry, What’s Ahead?
The crypto bulls hold the market higher as traders brace for monthly expiry. Both Bitcoin and Ethereum trade near resistance levels, with a possible pullback in BTC and ETH prices anticipated by traders.
Crypto market sentiment remains mixed as the Fear and Greed Index falls from 71 to 66 amid Binance and the DOJ $4.3 billion settlement and CEO Changpeng “CZ” Zhao pled guilty to federal charges.
$6.5 Billion Bitcoin and Ethereum Expiry
108k BTC options of notional value $4.05 billion are set to expire on November 24, with a put-call ratio of 0.83. The max pain point is $33,000, indicating that traders expect a rise in Bitcoin price amid expiry.
BTC price jumped 0.5% in the past 24 hours, with the price currently trading at $37,406. The 24-hour low and high are $36,923 and $37,643, respectively. Furthermore, the trading volume has decreased by 45% in the last 24 hours, indicating a decline in the interest of traders.
1.2 million ETH options of notional value $2.48 billion are about to expire with a Put Call Ratio of 0.72. The max pain is $1700, significantly lower than the current price.
ETH price jumped 0.5% in the past 24 hours, with the price currently trading at $2070. The 24-hour low and high are $2,041 and $2,088, respectively. Furthermore, the trading volume has decreased by 40% in the last 24 hours, indicating a decline in the interest of traders.
Despite positive sentiment, traders brace for volatility after the Binance and CEO CZ events. The crypto market participants believe a significant drop in market cap as a result of the reshuffling of trades.
Furthermore, the trading activity may go on the lower side due to Christmas and annual delivery. Experts are bullish on buying crypto amid Bitcoin halving and institutional investors-led rally.
Popular analyst Rekt Capital recommends accumulating on any deeper retraces. He predicts BTC upside move to continue amid pullbacks near resistance levels.
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