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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-may-drop-due-to-expiring-futures-options/" data-wpel-link="internal">Bitcoin Price May Drop Due to Expiring Futures Options</a> 
Bitcoin price may drop to $63,000 due to the expiration of $3.9 billion worth of Bitcoin futures options. One of the largest futures exchanges, Deribit, saw $3.9 billion worth of Bitcoin futures options expire at 11:00 AM. This could increase Bitcoin’s maximum resistance point to $63,000, triggering more downward pressure for the world’s first cryptocurrency. 
<h2 class="p1" style="text-align: justify" id="what-s-happening-in-the-markets">What’s Happening in the Markets?</h2> 
Periods close to options expiration are usually characterized by increased price volatility in the crypto <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">markets</a>. The maximum resistance point indicates the price at which most options contracts will expire worthless, but it does not guarantee that the underlying asset will fall to that price. 
A total of $5.48 billion worth of cryptocurrency options expired on Deribit, with $1.57 billion of that being Ethereum options. Despite the launch of the first spot Ethereum exchange-traded funds (ETF) on July 23, Ethereum is struggling to gain momentum. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-374163 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/deribit.jpg" alt="" width="1280" height="640"> 
CoinMarketCap <a href="https://newslinker.co/how-does-artificial-intelligence-work/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> that Ethereum’s price rose over 2.3% on the daily chart but fell over 4.5% in the past week, trading just below $3,250 as of 14:02. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-374162 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/eth-3.webp" alt="" width="1967" height="840"> 
According to Bitfinex analysts, the reason behind Ethereum’s stagnant price movement could be a news-selling event surrounding Ethereum ETF funds: 
<blockquote> 
 “An Ethereum ETF news-selling effect is in motion. Global Ethereum open interest fell by $1.17 billion immediately after peaking on July 23, just before the product’s launch. Many futures and perpetual positions added in anticipation of the ETF launch are now delivering their positions.” 
</blockquote> 
<h2 class="p1" style="text-align: justify" id="notable-analyst-s-remark">Notable Analyst’s Remark</h2> 
According to popular <a href="https://en.coin-turk.com/investors-anticipate-july-for-altcoin-performance/" data-wpel-link="internal">crypto analyst</a> Rekt Capital, Bitcoin needs to hold above the current $65,000 level, which serves as a key support. The analyst wrote to his 483,000 followers in an X post on July 26: 
<blockquote> 
 “The retest was successful. Bitcoin confirmed $65,000 as support, and the price will now continue to trade in the $65,000-$71,500 range (red).” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-374161 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/btc-yorum-1.webp" alt="" width="1794" height="1266"> 
Positive Bitcoin ETF inflows could contribute to Bitcoin’s momentum. According to Farside Investors, US-based spot Bitcoin ETF funds recorded a total of $31.1 million in value on July 25, marking the second consecutive positive inflow. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-374160 size-full" src="https://coin-turk.com/wp-content/uploads/2024/07/farside-3.webp" alt="" width="734" height="788"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-may-drop-due-to-expiring-futures-options/" data-wpel-link="internal">Bitcoin Price May Drop Due to Expiring Futures Options</a></h5>
The post <a href="https://en.coin-turk.com/bitcoin-price-may-drop-due-to-expiring-futures-options/" data-wpel-link="internal">Bitcoin Price May Drop Due to Expiring Futures Options</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Price May Drop Due to Expiring Futures Options

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