2024

Value

Bitcoin

<ul> 
 <li aria-level="1">Bitcoin faces a critical moment with $6.6 billion in options set to expire, affecting market stability.</li> 
 <li aria-level="1">Market analysts focus on the $57K ‘max pain’ point, where financial risk to options sellers is minimized.</li> 
</ul> 
Bitcoin is currently at a juncture, with $6.6 billion of its options set to expire, potentially exacerbating the volatility in its price, which hovers around the $60K mark. Historically, Bitcoin has faced challenges maintaining its value in similar circumstances, occasionally dipping to levels such as $56K and $58K. 
The upcoming expiration of a considerable volume of crypto options, totaling over $10 billion, of which $6.6 billion are tied to Bitcoin, is expected to inject more uncertainty into the market. 
<figure id="attachment_79189" aria-describedby="caption-attachment-79189" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-79189" src="https://www.ethnews.com/wp-content/uploads/2024/06/Deribit-options-.png" alt="Deribit-options-" width="1446" height="738">
 <figcaption id="caption-attachment-79189" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure> 
Analysts point to the $57K “max pain” price level—where financial risk to options sellers is minimized at expiration—as a critical point. Bitcoin’s price has often aligned with this level at past expiries, although it is influenced by multiple market factors. 
Despite the potential for increased downward pressure, QCP Capital, a crypto trading and hedge firm, predicts that Bitcoin will maintain the $60K support level. 
<blockquote>
 ‘We think the 60k support will be defended’
</blockquote> 
They reference decreased selling pressure and an increase in activity in US Bitcoin ETFs as positive indicators. Data from Soso Value confirm that Bitcoin ETFs have reversed a seven-day streak of outflows, showing net inflows over the past three days. 
However, there are concerns about short-term investors who <a href="https://www.ethnews.com/analyzing-the-fear-and-greed-index-amidst-bitcoins-latest-price-drop/">may sell off their holdings</a> if the price falls further. 
<figure id="attachment_79193" aria-describedby="caption-attachment-79193" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-79193" src="https://www.ethnews.com/wp-content/uploads/2024/06/cryptoquant-60K-BTC.jpeg" alt="cryptoquant-60K-BTC" width="1686" height="800">
 <figcaption id="caption-attachment-79193" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
 According to an <a href="https://x.com/cryptoquant_com/status/1806281877361164522">analysis by CryptoQuant</a>, Bitcoin’s price has dropped below the short-term realized price of $62.6K, suggesting that this could become a resistance level unless the price recovers quickly. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 BTC price breaks below the short-term average realized price! 
 “If the price does not move above the sth price quickly, it will likely turn into a resistance level for the price going forward.” – By <a href="https://twitter.com/marketmakercopy?ref_src=twsrc%5Etfw">@marketmakercopy</a> 
 Full post <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/StbPMLmlQT">https://t.co/StbPMLmlQT</a> <a href="https://t.co/R02ySzLaFv">pic.twitter.com/R02ySzLaFv</a> 
 — CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1806281877361164522?ref_src=twsrc%5Etfw">June 27, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Further <a href="https://www.ethnews.com/willy-woo-demystifies-recent-bitcoin-rise-impact-of-algorithms-over-real-market-demand/">analysis by ETHNews</a> through a liquidation heatmap shows&nbsp; liquidity clusters around $60.2K and $60.4K, with another important cluster at $62.6K. 
Price movements often target these liquidity-rich zones, hinting that while the market might pressure Bitcoin towards $57K, there’s also potential for recovery back to around $60K and possibly up to $62.6K. 
<figure id="attachment_79197" aria-describedby="caption-attachment-79197" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-79197" src="https://www.ethnews.com/wp-content/uploads/2024/06/Binance-BTC_USDT-Liquidation-Heatmap3-day-2024-06-28_12_04_07-.png" alt="Binance-BTC_USDT-Liquidation-Heatmap3-day-2024-06-28_12_04_07-" width="2048" height="1503">
 <figcaption id="caption-attachment-79197" class="wp-caption-text">
 Source: Coinglass
 </figcaption>
</figure> 
As the expiry date looms, the interplay of market mechanics and <a href="https://www.ethnews.com/how-the-actions-of-top-bitcoin-miners-are-affecting-market-prices/">investor reactions</a> will determine Bitcoin’s capacity to endure this period of instability. Investors and market watchers will likely keep a keen eye on developments, poised to react to the cryptocurrency’s next moves. 
The post <a href="https://www.ethnews.com/will-bitcoin-hold-60k-a-closer-look-as-options-expiry-looms/">Will Bitcoin Hold $60K? A Closer Look as Options Expiry Looms</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Will Bitcoin Hold $60K? A Closer Look as Options Expiry Looms

ETHNews

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