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.
BTC price chart. Source: TradingView
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.
ETH price chart. Source: TradingView
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.
