Crypto Bulls Hold Market Higher as Traders Brace for Monthly Expiry
The crypto market is experiencing a bullish trend as both Bitcoin and Ethereum trade near resistance levels. Traders anticipate a possible pullback in prices, particularly for BTC and ETH.
The Fear and Greed Index, a measure of market sentiment, has fallen from 71 to 66. This decline can be attributed to the recent news of Binance’s $4.3 billion settlement with the DOJ and CEO Changpeng “CZ” Zhao pleading guilty to federal charges.
$6.5 Billion Bitcoin and Ethereum Expiry
On November 24, approximately 108k BTC options with a notional value of $4.05 billion are set to expire. The put-call ratio stands at 0.83, indicating that traders expect a rise in Bitcoin’s price following the expiry. The max pain point is $33,000.
In the past 24 hours, BTC price has increased by 0.5% and is currently trading at $37,406. The trading volume has decreased by 45%, suggesting a decline in trader interest.
Additionally, approximately 1.2 million ETH options worth $2.48 billion are about to expire. The Put Call Ratio is 0.72, and the max pain point is $1700, which is significantly lower than the current price.
ETH price has increased by 0.5% in the past 24 hours and is currently trading at $2070. The trading volume has decreased by 40%, indicating a decline in trader interest.
Traders Brace for Volatility Amid Binance and CZ Events
Despite the positive sentiment in the market, traders are preparing for potential volatility following the recent Binance events and CZ’s legal issues. Market participants believe there could be a significant drop in market cap due to trade reshuffling.
In addition, trading activity is expected to decrease during the Christmas season and annual delivery period. However, experts remain bullish on buying crypto, citing factors such as the Bitcoin halving and the influence of institutional investors in driving rallies.
Renowned analyst Rekt Capital advises accumulating crypto during any deeper retraces. He predicts that BTC will continue its upward movement despite potential pullbacks near resistance levels.
Hot Take: Crypto Market Braces For $6.5 Billion Bitcoin And Ethereum Monthly Expiry
The crypto market is on edge as it prepares for the monthly expiry of $6.5 billion worth of Bitcoin and Ethereum options. Traders are closely watching the expiration of these contracts, with expectations of potential price movements in both cryptocurrencies.
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