The upcoming $1.9 billion Bitcoin options expiry on August 25 will determine if the $26,000 support level holds, while regulatory challenges and a potential loss of $380 million add to the bearish sentiment in the cryptocurrency market.
Deribit, the leading crypto options exchange, will settle $1.9 billion worth of Bitcoin options contracts and $893 million worth of Ether options contracts that are set to expire today.
The Ethereum price is currently in a consolidation phase between $1700 and $1577, but a breakout above $1700 could trigger a significant pullback in the downtrend, potentially pushing the price up by 8%. However, if the support level at $1577 is broken, the price could fall by 8.5% to $1450.
Bitcoin (BTC) struggles to maintain its price above $26,000 as it heads towards its worst month of 2023, with uncertainty surrounding the upcoming monthly close and the potential for further downside surprises in September.
Bitcoin (BTC) may present a favorable opportunity to buy at a support zone with a "100% long hit rate" at $23,000-$24,000, according to analysis by Capriole Investments, which cites historical price floors and the average miner's electricity cost as supporting factors.
Crypto analyst Benjamin Cowen believes that Bitcoin is likely to follow its historical bearish price action seen in pre-halving years and predicts that the cryptocurrency will remain within a range of $12,000 to $35,000 for the rest of 2023.
Bitcoin price action remains uncertain as traders and analysts are divided on its next moves, with downside predictions ranging from $25,000 to $23,000 and concerns of a potential double top structure if the $26,000 level is not reclaimed, while network fundamentals consolidate recent gains and macro markets stay quiet.
Bitcoin remains in a tight range between $25,800 and $26,000 after a recent price spike, as the SEC's delay in key ETF decisions dampens hopes of a long-term recovery in the market.
Bitcoin continues to trade below $26,000, with the crypto market experiencing a sideways trend, while Deribit's options segment saw increased trading volume in August.
Bitcoin (BTC) could reach $35,000 by the end of 2023, according to veteran analyst Filbfilb, who also predicts a potential price dip to the low $20,000 range before a reversal in Q4 and a price target of $46,000 by the 2024 halving. He believes that altcoins like XRP and Dogecoin (DOGE) could perform well in the next cycle.
Bitcoin and Ethereum options are set to expire today, with a smaller number of contracts compared to previous weeks, potentially impacting the lackluster prices of both cryptocurrencies, as Bitcoin remains range-bound around the $26,000 level.
Bitcoin is on the brink of a bearish breakdown, but there is a possibility that the $25,000 support level could hold, presenting a short-term buying opportunity for investors. The price action of the US dollar and on-chain data suggest that buyers could return soon, making the current situation potentially profitable for opening Bitcoin longs.
Ether's price has recovered 6% after hitting a critical support level, but questions remain about whether it can reach $1,850 due to challenges such as regulatory uncertainty, high network fees, and declining smart contract activity. Additionally, derivatives metrics indicate reduced interest from leveraged long positions, suggesting a bearish sentiment in the market.
Bitcoin prices reached above $27,000 for the first time this month, with multiple cryptocurrencies experiencing broad gains, although the reason for the increase is unclear, and low liquidity may be contributing to volatility.
Crypto strategist Credible Crypto suggests that Bitcoin could dip to around $24,900 but still remain on track for a bull market cycle, and he is closely monitoring Bitcoin options open interest as an indicator for the market bottom.
