Ethereum

Greed

Bitcoin

Rekt

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 <a href="https://coingape.com/doj-set-to-announce-major-crypto-enforcement-actions/" target="_blank" rel="noopener">Binance and the DOJ</a> $4.3 billion settlement and CEO Changpeng “CZ” Zhao <a href="https://coingape.com/breaking-binance-ceo-resigns-as-part-of-doj-settlement/" target="_blank" rel="noopener">pled guilty</a> to federal charges. 
<h2 id="6-5-billion-bitcoin-and-ethereum-expiry">$6.5 Billion Bitcoin and Ethereum Expiry</h2> 
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. 
<a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">BTC price</a> 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. 
<figure id="attachment_165852" aria-describedby="caption-attachment-165852" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-165852" src="https://coingape.com/wp-content/uploads/2023/11/deribit-metrics.png" alt="bitcoin options" width="779" height="390" srcset="https://coingape.com/wp-content/uploads/2023/11/deribit-metrics.png 2400w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-300x150.png 300w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-1224x612.png 1224w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-768x384.png 768w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-1536x768.png 1536w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-2048x1024.png 2048w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-150x75.png 150w" sizes="(max-width: 779px) 100vw, 779px">
 <figcaption id="caption-attachment-165852" class="wp-caption-text">
 Source: Deribit
 </figcaption>
</figure> 
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. 
<a href="https://coingape.com/price/ethereum" target="_blank" rel="noopener">ETH pric</a>e 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. 
<figure id="attachment_165854" aria-describedby="caption-attachment-165854" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-165854" src="https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-1.png" alt="Ethereum options" width="767" height="384" srcset="https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-1.png 2400w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-1-300x150.png 300w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-1-1224x612.png 1224w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-1-768x384.png 768w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-1-1536x768.png 1536w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-1-2048x1024.png 2048w, https://coingape.com/wp-content/uploads/2023/11/deribit-metrics-1-150x75.png 150w" sizes="(max-width: 767px) 100vw, 767px">
 <figcaption id="caption-attachment-165854" class="wp-caption-text">
 Source: Deribit
 </figcaption>
</figure> 
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 <a href="https://coingape.com/glossary/bitcoin-halving-2/" target="_blank" rel="noopener">Bitcoin halving</a> 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. 
Also Read: 
<ul> 
 <li><a href="https://coingape.com/hong-kong-sfc-wary-binance-license-amid-regulatory-pressures/" target="_blank" rel="noopener">Hong Kong SFC Wary of Binance’s License Amid Regulatory Pressures</a></li> 
 <li><a href="https://coingape.com/whale-moves-over-50-mln-xrp-price-continues-to-rally" target="_blank" rel="noopener">Whale Moves Over 50 Mln XRP As Price Continues To Rally</a></li> 
 <li><a href="https://coingape.com/cathie-wood-ark-invest-sells-another-batch-gbtc-holdings/" target="_blank" rel="noopener">Cathie Wood’s Ark Invest Sells Another Batch Of GBTC Holdings</a></li> 
</ul> 
The post <a rel="nofollow" href="https://coingape.com/crypto-market-braces-6-5-billion-bitcoin-ethereum-monthly-expiry/">Crypto Market Braces For $6.5 Bln Bitcoin And Ethereum Monthly Expiry, What’s Ahead?</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

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

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