Greed

Ethereum

Order

Bitcoin

New Order

Bitcoin and Ethereum prices are rallying higher amid bullish sentiment with Crypto Fear &amp; Greed Index at “extreme greed” with a value of 78. The market now braces for $6 billion in Bitcoin and Ethereum options monthly expiry on Friday, February 23. 
Notably, options traders are making <a href="https://coingape.com/block-trades-surge-as-investors-place-multi-million-dollar-bets-on-btcs-next-move/" target="_blank" rel="noopener">put options</a> bets to safeguard against a potential drop in prices ahead of Bitcoin halving. <a href="https://coingape.com/price/bitcoin" target="_blank" rel="noopener">BTC price</a> is currently at major support, a break below this level will trigger a broader crypto selloff. 
<h2 id="bitcoin-and-ethereum-options-expiry">Bitcoin and Ethereum Options Expiry</h2> 
Notably, 71K BTC options of notional value $3.7 billion are set to expire on February 23. The put-call ratio is 0.76 and max pain point is $47,000, indicating a profit booking scenario while remaining bullish. The crypto market can expect huge volatility. BTC price is currently under selling pressure as it fell below $51,000, still higher than the max pain price. 
<figure id="attachment_181698" aria-describedby="caption-attachment-181698" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-181698" src="https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11.png" alt="Bitcoin options" width="798" height="282" srcset="https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11.png 1913w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11-300x106.png 300w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11-1224x433.png 1224w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11-768x271.png 768w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11-1536x543.png 1536w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-14_51_11-150x53.png 150w" sizes="(max-width: 798px) 100vw, 798px">
 <figcaption id="caption-attachment-181698" class="wp-caption-text">
 Source: Deribit
 </figcaption>
</figure> 
In the last 24 hours, the call volume higher than put volume. However, the put/call ratio is 0.79, which suggests bearish sentiment is building in the Bitcoin market. 
Meanwhile, 792K ETH options of notional value $2.3 billion are set to expire, with a put call ratio of 0.46. The max pain point is $2,500. Traders are particularly bullish on Ethereum after a recent rally taking <a href="https://coingape.com/price/ethereum" target="_blank" rel="noopener">ETH price</a> par $3,000. However, a pullback is anticipated ahead of Friday’s expiry, considering the choices traders have here. 
<figure id="attachment_181699" aria-describedby="caption-attachment-181699" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class=" wp-image-181699" src="https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18.png" alt="Ethereum options" width="795" height="294" srcset="https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18.png 1899w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18-300x111.png 300w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18-1224x452.png 1224w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18-768x284.png 768w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18-1536x568.png 1536w, https://coingape.com/wp-content/uploads/2024/02/screenshot-metrics.deribit.com-2024.02.21-15_17_18-150x55.png 150w" sizes="(max-width: 795px) 100vw, 795px">
 <figcaption id="caption-attachment-181699" class="wp-caption-text">
 Source: Deribit
 </figcaption>
</figure> 
The call volume doubled the put volume in the last 24 hours, with a put/call ratio of 0.40. ETH price fell below $3000 psychological resistance quickly. 
Also Read: <a href="https://coingape.com/coinbase-secures-largest-ad-space-ever-liquid-death-cases-500k/" target="_blank" rel="noopener">Coinbase Secures Largest Ad Space Ever on Liquid Death Cases for $500k</a> 
<h2 id="btc-and-eth-futures-and-price-expectations">BTC and ETH Futures and Price Expectations</h2> 
Bitcoin and Ethereum rallies are strengthening because of spot Bitcoin ETF inflows and pre-Bitcoin halving sentiment. However, headwinds such as FOMC Minutes, Fed officials’ speeches, <a href="https://coingape.com/can-feds-preferred-gauge-pce-disappoint-too-after-cpi-comes-in-hot/" target="_blank" rel="noopener">PCE</a>, and other unforeseen events will put some pressure on the crypto market in the coming days. 
Ali Martinez shared that TD Sequential indicator shows a Bitcoin sell signal on the 3-day chart. “It’s important to note that the last two times this indicator signaled bearish, BTC experienced a 10% price correction!” 
<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GG2j-R-XAAA5-jd?format=jpg&amp;name=4096x4096" alt="Image" width="676" height="455"> 
Crypto analyst Michael van de Poppe said he expects the primary scenario of bullish move to remain intact for BTC. However, he predicts a flush for liquidity on the downside before any upside continuation. In the case of Ethereum, he believes a strong continuation in the coming days, most probably until the <a href="https://coingape.com/ethereum-dencun-upgrade-mainnet-launch-slated-for-march-13/" target="_blank" rel="noopener">Dencun upgrade</a>.<img decoding="async" class="aligncenter" src="https://pbs.twimg.com/media/GG2QQ13W4AA_7dD?format=png&amp;name=large" alt="Image" width="746" height="377"> 
As per Coinglass data, total Bitcoin Futures open interest (OI) fell over 2.60% in last 24 hours, with OI down massively on CME and Binance. Meanwhile, total ETH Futures open interest (OI) jumped over 2% in the last 24 hours, but down 2% in the last 4 hours, indicating short-term bearish sentiment. 
Also Read: <a href="https://coingape.com/crypto-market-bleeds-reasons-why-bitcoin-eth-sol-xrp-fell-suddenly/" target="_blank" rel="noopener">Crypto Market Bleeds — Reasons Why Bitcoin, ETH, SOL, XRP Fell Suddenly</a> 
The post <a href="https://coingape.com/crypto-market-braces-for-6b-bitcoin-btc-ethereum-eth-options-expiry-what-to-expect/">Crypto Market Braces for $6B Bitcoin (BTC) &amp; Ethereum (ETH) Options Expiry, What to Expect?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Crypto Market Braces for $6B Bitcoin (BTC) & Ethereum (ETH) Options Expiry, What to Expect?

Mục lục

Coingape News Media

Các bài viết khác được xuất bản trên 21 thg 2, 2024

Emirates NBD joins Dubai FinTech Summit as the Premium Banking Partner

Congressman Warren Davidson Calls CBDCs an ‘External Threat To Western Civilization’

Bitcoin Rebounds Following Key Economic Reports

Fetch.ai Soars Amid Major Exchange Announcement; Top Analyst Says FET is ‘Trying to Print New ATH...

Uniswap Launches V2 on Six Chains, Expanding Crypto Exchange Ecosystem

Bitcoin Halving Returns Analysed : An Overview

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!