The Bitcoin price could fall to the $63,000 mark on July 26 due to the expiry of over $3.9 billion worth of Bitcoin futures options.
Over $3.9 billion worth of Bitcoin (BTC) futures options expired at 8:00 am UTC on top futures trading cryptocurrency exchange Deribit.
This sets Bitcoin’s “max pain point” to $63,000, which could trigger more downward pressure for the world’s first cryptocurrency.
Periods close to the expiration of options are often characterized by increased price volatility in the crypto markets. While the max pain point indicates the price at which most options contracts would expire worthless, it does not guarantee that the underlying asset will fall to that price.
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Ether ETF sell-the-news event is tanking Ether price — Analyst
A total of $5.48 billion worth of cryptocurrency options expired on Deribit, of which $1.57 billion were Ether (ETH) options.
Despite the launch of the first spot Ether exchange-traded funds (ETFs) on July 23, Ether has been struggling to gain momentum.
Ether price rose over 2.3% on the daily chart but is down over 4.5% over the past week, trading just below $3,250 as of 11:02 am UTC, according to CoinMarketCap data.
The reason behind Ether’s sluggish price action is a sell-the-news event around Ether ETFs, according to Bitfinex analysts, who told Cointelegraph:
“An Ethereum ETF sell-the-news effect is in motion. Global ETH open interest is down $1.17 billion after peaking on July 23, just before the launch of the product. A lot of futures and perpetual positions that were added in anticipation of the ETF launch driving the price up are now capitulating positions.”
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Bitcoin price needs to hold above $65,000 for more upside — Analyst
Bitcoin needs to hold above the current $65,000 mark, which acts as a key support, according to popular crypto analyst Rekt Capital.
The analyst wrote in a July 26 X post to his 483,000 followers:
“The retest was successful. Bitcoin has confirmed $65,000 as support. Price will now continue to occupy the $65000-$71500 region (red).”
Positive Bitcoin ETF inflows could contribute to Bitcoin’s momentum. United States-based spot Bitcoin ETFs have recorded their second consecutive day of positive inflows, worth a cumulative $31.1 million on July 25, according to Farside Investors.
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