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Crypto Market Braces For $6.5 Bln Bitcoin And Ethereum Monthly Expiry, What’s Ahead?

Bitcoin and Ethereum trade near resistance levels, with a possible pullback in prices anticipated by traders due to monthly expiry.
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Crypto 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.

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$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.

Source: Deribit

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.

Source: Deribit

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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Varinder Singh

Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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