As the end of the month approaches, traders are preparing for a critical period in the market. Bitcoin and Ethereum continue to trade near their resistance levels, while the bulls in the cryptocurrency market continue to keep the market at high levels. The possibility of a potential drop in BTC and ETH prices is on the traders’ agenda.
The sensitivity of the cryptocurrency market has changed with the $4.3 billion settlement between Binance and the US Department of Justice and the indictment of CEO Changpeng “CZ” Zhao on federal charges. The Fear and Greed Index dropped from 71 to 66 with these developments.
The expiration of the 108,000 BTC option for Bitcoin, with a total value of $4.05 billion, has arrived and the new option-to-call ratio has been set at 0.83. The lowest point was set at $33,000. This indicates that traders expect an increase in the Bitcoin price after the expiration of the term.
Similarly, the expiration of the 1.2 million ETH option, worth $2.48 billion, is approaching and the put-to-call ratio has been recorded as 0.72. The lowest point was set at $1700, which is significantly lower than the current price.
Traders seem to be continuing their preparations for possible price fluctuations following the developments related to Bitcoin and Binance CEO CZ. Investors in the cryptocurrency market are expecting a significant increase in market value with renewed trading activity. However, experts maintain their optimism about Bitcoin’s halving and a potential rally led by institutional investors, continuing their enthusiasm for cryptocurrency investments.
