Bitcoin and Ethereum are trading close to resistance levels. The cryptocurrency market is preparing for the expiry of $6.5 billion worth of Bitcoin and Ethereum options. Traders are expecting a possible pullback in prices due to monthly option expiry. A popular analyst recommends accumulation on pullbacks.
Massive Bitcoin and Ethereum options expiring
Cryptocurrency bulls are pushing the market higher as traders prepare for the monthly expiration date. Both Bitcoin and Ethereum are trading close to resistance levels. Additionally, traders are preparing for a possible pullback in BTC and ETH prices. As you follow on Kriptokoin.com, Binance and DOJ made an agreement worth $4.3 billion. Former CEO Changpeng Zhao (CZ) was found guilty of federal charges and subsequently stepped down as CEO. Due to these developments, the Fear and Greed Index dropped from 71 to 66. Cryptocurrency market sentiment remains mixed for now.
108 thousand BTC options with a nominal value of $ 4.05 billion will expire on November 24. Additionally, the put-call will be 0.83. The maximum pain point is at $33,000. This shows that traders are eventually expecting an increase in Bitcoin price. The leading cryptocurrency price increased by 0.5% in the last 24 hours and the price is currently trading at $37,406. The 24-hour low and high price are $36,923 and $37,643 respectively. Additionally, trading volume has dropped by 45% in the last 24 hours. This shows that there is a decrease in the interest of traders.
Source: Deribit1.2 million ETH options with a nominal value of $2.48 billion are also about to expire. The put-call ratio for Ethereum is at 0.72. The maximum pain is $1,700, which is significantly lower than the current price. ETH price increased by 0.5% in the last 24 hours. The cryptocurrency is currently trading at $2,070. The 24-hour low and high price are $2,041 and $2,088 respectively. Additionally, trading volume has dropped by 40% in the last 24 hours. This indicates a decrease in investor interest.
Source: DeribitPopular cryptocurrency analyst recommends accumulation on pullbacks!
Despite the positive sentiment, traders are bracing for volatility after the Binance and CEO CZ events. Cryptocurrency market players believe that there will be a significant decrease in market value as a result of the realignment of transactions. Additionally, trading activity is likely to be lower due to Christmas and annual deliveries. Experts are bullish on buying crypto amid Bitcoin’s halving and institutional investor-led rally.
Meanwhile, popular analyst Rekt Capital advises his followers to accumulate on deeper pullbacks. The analyst predicts that BTC’s upward move will continue amid pullbacks near resistance levels.
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