Ethereum

Bitcoin

Notable

Rekt

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-potential-63000-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Potential $63,000 Drop</a><br></p>
<p style="text-align: justify">The Bitcoin price may face downward pressure towards $63,000 due to the expiration of $3.9 billion in Bitcoin futures options on Deribit, one of the largest futures exchanges. This expiration event could increase Bitcoin’s maximum resistance point, making it challenging for the cryptocurrency to maintain its current levels.</p>
<h2 id="what-s-happening-in-the-markets">What’s Happening in the Markets?</h2>
<p style="text-align: justify">Options expiration periods typically bring heightened price volatility in the crypto <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">markets</a>. The maximum resistance point signifies the price level where most options contracts expire worthless, but it does not necessarily ensure that the underlying asset will reach that price. Besides Bitcoin, a total of $5.48 billion in cryptocurrency options expired on Deribit, including $1.57 billion in Ethereum options. Despite the recent launch of Ethereum ETFs, Ethereum has struggled to gain momentum.</p>
<h2 id="why-is-ethereum-struggling">Why is Ethereum Struggling?</h2>
<p style="text-align: justify">Ethereum’s price has risen over 2.3% on the daily chart but fell more than 4.5% in the past week, trading below $3,250. Analysts from Bitfinex suggest that the stagnant price movement might be due to a news-selling event surrounding Ethereum ETF funds. Open interest in global Ethereum fell by $1.17 billion following the peak on July 23, just before the ETF launch, indicating that many futures positions are now being liquidated.</p>
<h2 id="key-inferences-for-investors">Key Inferences for Investors</h2>
<p style="text-align: justify">– Bitcoin needs to maintain above $65,000 to prevent further decline.<br> – Ethereum’s recent ETF launch has not significantly boosted its price.<br> – The expiration of large futures options can cause short-term volatility.</p>
<h2 id="notable-analyst-s-remark">Notable Analyst’s Remark</h2>
<p style="text-align: justify">Renowned <a href="https://en.bitcoinhaber.net/analyst-outlines-critical-crypto-levels" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a> Rekt Capital emphasized the critical support level for Bitcoin at $65,000. In a post to his 483,000 followers, he noted the successful retest of this level, suggesting Bitcoin would likely trade within the $65,000-$71,500 range. Positive inflows into Bitcoin ETFs, such as the $31.1 million in spot Bitcoin ETF funds recorded on July 25, could further support Bitcoin’s momentum.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-potential-63000-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Potential $63,000 Drop</a></h5>

Bitcoin Faces Potential $63,000 Drop

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