Bulls holding key support levels strongly has pushed Bitcoin and Ethereum price to gain upside momentum. However, upcoming monthly Bitcoin and Ethereum options expiry and US PCE inflation data could possibly trigger a retracement or crash on Friday.
Over $17 Billion in Bitcoin and Ethereum Options to Expire
According to Deribit data , 139K BTC options with a notional value of more than $15 billion are set to expire on June 27. At the time of writing, the put-call ratio was 0.74, suggesting a slightly bearish sentiment among traders. Notably, it is the largest options expiry of the year and trades are cautious about it.
Moreover, the max pain point is at $102,000, indicating a high chance of correction in BTC price. Traders may adjust their positions, which can lead to increased volatility.
Bitcoin Options open interest. Source: Deribit
In contrast, 936K ETH options with a notional value of almost $2.3 billion are set to expire, with a put-call ratio of 0.52.
Also, the max pain point was $2,200 at the time of writing. Sentiment has turned slightly bearish for Ethereum as evidenced by the put-call ratio of 0.95 in the last 24 hours.
Ethereum Options open interest. Source: Deribit
BTC and ETH Prices May Fall
Traders also awaits U.S. Federal Reserve’s preferred inflation gauge US PCE data on June 27. Economists expect PCE inflation to come in hot 2.3%, up from 2.1% in the previous month.
Moreover, Fed Chair Jerome Powell maintained hawkish stance on monetary policy during the congressional testimony, implying a reluctance to cut rates due to US tariffs.
On-chain data by CryptoQuant signals risks selloff in Bitcoin price. The MVRV Ratio indicates slowdown in momentum, which means the bull market is entering the late stage.
BTC price action today was sideways to downside, with the price currently trading at $107,199. The 24-hour low and high are $106,817 and $108,305, respectively. Furthermore, the trading volume has decreased by 7% in the last 24 hours, indicating a decline in interest among traders.
Meanwhile, ETH price also pared earlier gains, with the price currently trading at $2,436. The 24-hour low and high are $2,399 and $2,519, respectively. Furthermore, the trading volume has increased by 13% in the last 24 hours, indicating a rise in interest among traders.
Traders should keep an eye on trading volumes and liquidation over the next 24 hours for cues on upcoming price direction.
