The crypto market witnessed volatility rising amid geopolitical tensions in the Middle East and macro events. Traders are awaiting Friday’s crypto options expiry for further cues on the market direction.
Bitcoin and Ethereum prices fell more than 2% over the last 24 hours, while gold prices climbed amid renewed volatility in the global markets.
The new unilateral tariff plans from President Donald Trump also put pressure on the markets and weakened the US dollar.
$3.7B in Bitcoin and Ethereum Options to Expire
28K BTC options with a notional value of more than $3 billion are set to expire on Friday on Deribit. At the time of writing, the put-call ratio was 0.95, suggesting a slightly bearish sentiment among traders.
Notably, the max pain point is at $107,000, indicating a high chance of further retracement in BTC price. Moreover, the 24-hour call volume was higher than the 24-hour put volume. The put-call ratio was 0.88, indicating that traders still believed Bitcoin price could move higher.
In contrast, 242K ETH options with a notional value of almost $0.7 billion are set to expire, with a put-call ratio of 1.18.
Also, the max pain point was $2,700 at the time of writing. Sentiment has turned bearish for Ethereum as evidenced by the put-call ratio and max pain data.
The crypto market turned extremely bullish on Ethereum price to surpass $3000, resulting in profit booking by some investors.
The interest appeared to drop continuously, with traders having to monitor significant fluctuations in the trading volumes amid rising uncertainty.
Crypto Analysts’ Prediction on Bitcoin and Ethereum
BTC price dropped 2% in the past 24 hours, with the price trading at $107,023. The 24-hour low and high were $107,407 and $110,384, respectively. Furthermore, the trading volume remained flat in the last 24 hours.
10x Research said, “Bitcoin is hovering near critical levels, and Ethereum’s rally may be running on fumes, fueled more by headlines than fundamentals.”
Analysts at 10x Research confirmed their caution about the recent Ethereum rally. While Bitcoin has broken above the $106,000 resistance level, the momentum appeared relatively weak, stated the firm.
Another top analyst noted that macroeconomic and geopolitical events have put gold in a better position against risk assets.
US vs Iran tensions escalated, triggering gold to continue to rally. Meanwhile, BTC could not break through the $110,000 area, but strong if it stays above $106,000.
Trader Livercoin shared thoughts on a short term decline in Bitcoin price. He said, “Price is approaching 106K which was recently well respected as a significant area. I would like to see a bounce there and potentially reclaim 108K afterwards for push to new ATH.”
He predicted a bullish bias despite Bitcoin dropping below $106K as long as it holds above June open price. The bearish short-term bias could trigger after the June open level is reclaimed, making BTC price to fall below $100K.
Meanwhile, ETH price declined 2% in the past 24 hours, with the price trading at $2,735. The 24-hour low and high were $2,733 and $2,877, respectively.
Furthermore, the trading volume decreased 5% in the last 24 hours, indicating a decline in interest among traders.
Analyst Silvercoin expected the price to hold above $2700 to stay short-term bullish. If bulls hold this level, a rally to resume towards $3000.
