Bitcoin And Ethereum Slow Moving Above Critical Support

Key Points:

• Bitcoin and Ethereum’s sluggish price movement contrasts with altcoins, while investor interest remains high.
• $1.9 billion in BTC and $900 million in ETH options contracts are set to expire, with pivotal settlement levels at $28,000 and $1,800, respectively.
• Deribit’s impending settlement of August contracts, coupled with modest gains, hints at potential market impact if BTC breaks $27,400 and ETH surpasses $1,770.

Bitcoin and Ethereum, the two dominant cryptocurrencies in the market, have been exhibiting sluggish price movements compared to their alternative counterparts, resulting in minimal gains.

Nevertheless, the focus on BTC and ETH remains unwavering, with investors keeping a vigilant eye on their price trajectories.

Over the past 24 hours, Bitcoin and Ether have experienced modest upswings; however, their prices persist below the thresholds that would trigger “maximum pain” for purchasers of August expiry option contracts.

As per data from Deribit on August 24, approximately $1.9 billion worth of BTC options contracts and nearly $900 million worth of ETH options contracts are slated to expire and settle imminently. Presently, the crucial levels for BTC and ETH settlements stand at $28,000 and $1,800, respectively.

A prevailing notion suggests that sellers of call-and-put options often endeavor to drive the underlying asset’s spot price toward these levels, inducing heightened adversity upon their counterparts, the options buyers.

Presently, BTC is trading above the $25,500 support bracket, reflecting a 2.5% gain across the past 24 hours. Similarly, ETH maintains its position above $1,635 and is presently hovering around the 23.6% Fibonacci retracement area.

The market anticipates a resurgence of momentum if BTC surges above $27,400 and ETH secures a positive breakthrough beyond $1,770. These potential price movements could potentially reignite market enthusiasm.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.