The cryptocurrency market showed a partial recovery. However, the leading crypto Bitcoin failed to stay above $67,000. The leading altcoin Ethereum lost altitude. Besides, today is critical for these two giants. Because 18,060 BTC options with a face value of $1.21 billion will expire today. In addition, 270,441 ETH options with a face value of about $0.89 billion will also expire. QCP Capitals expects BTC and ETH prices to rebound from their lows.

Critical day for two giant cryptocurrencies: Options expiration!

Cryptocoin.comBitcoin and Ethereum prices have been going back and forth in volatile market conditions. Traders are mostly staying away from making new trades amid the uncertainty in the crypto market. Moreover, traders and investors are preparing for over $2 billion worth of Bitcoin and Ethereum options expiring on Friday. The market witnessed one of the largest crypto options last Friday, worth over $15 billion. Following this, the market is waiting for over $2 billion worth of options to expire to clear some uncertainties.

Maximum pain points for Bitcoin and Ethereum

More than 18,060 BTC options with a face value of $1.21 billion will expire at a put-call ratio of 0.63. The maximum pain point is $68,000. This suggests that there is currently pressure on Bitcoin. Despite the downward pressure on implied volatility (IV) being lifted, choppy price action is expected. Traders remain positive about the BTC price breaking above $70,000 this week.

BTC buying volume of 10,817 is higher than selling volume of 8,076 in the last 24 hours. Put-Call ratio is 0.75.
Meanwhile, 270,441 ETH options with a notional value of about $0.89 billion will expire with a put-call ratio of just 0.38. The maximum pain point is $3,400. This is higher than the current price of $3,287. This suggests that the ETH price could fall further if it fails to break above the maximum pain point. For more guidance on the directions in ETH price, one should keep an eye on the trading volumes.

In the last 24 hours, ETH buy volume is 155,690 and sell volume is 49,100. Call open interest is higher than put open interest, with a put-call ratio of 0.31.

Bitcoin’s recent surge triggers broad market rebound

Analysts at QCP Capital say the BTC price is in a tight spot after falling below $70K and there is not enough Bitcoin ETF flow to catalyze price action in either direction. However, demand for BTC long positions continues. According to analysts, this, along with some upward momentum in spot Bitcoin ETF inflows, should support BTC price. It could even push BTC above $70,000 by the end of the week. ETH/BTC tested a critical support level after breaking below 0.05. The massive sell-off in ETH calls continues. This is reducing volumes and putting some downward pressure on the ETH price.

ETH/BTC is currently at a 2-year low as the Bitcoin halving approaches. Analysts still expect a bounce from these levels. However, it is worth being on the lookout for possible further declines.