Bitcoin and Ethereum prices broke below the $30,000 and $2,000 psychological levels this week after a “long push” amid several factors, including new interest rate hike fears and Binance opening ETH withdrawals.
Crypto expires on Friday, April 21 to put further selling pressure on the crypto market. A drop of more than 21% in total crypto market volume over the past 24 hours clearly indicates selling amid volatility in the broader market. Furthermore, the Crypto Fear and Greed Index fell from 68 (greed) to 50 (neutral) in just a week.
According to Deribit data, 25,000 BTC options will expire, with a face value of $0.72 billion. The put-call ratio is 0.7 and the maximum pain point is $29,000. Since the price was already trading below the maximum pain level, this weakened the bullish scenario for Bitcoin.
Meanwhile, 217,000 ETH options are expiring, with a face value of $0.42 billion. The put-call ratio is 0.83 and the maximum pain point is $1,950. Ethereum price is also under pressure with a possibility of a break below USD 1900.
The monthly due date on April 28th makes this due date even greater. Thus, traders will be looking to relieve themselves in the midst of a possible end-of-month sell-off.
Also Read: Binance CEO “CZ” Downplays Post-Having Bitcoin Price Prediction By ChatGPT
Bitcoin And Ethereum Price Showing Weakness
The price of Bitcoin fell below $28,000 on Coinbase. BTC price fell 3% in the past 24 hours, continuing its decline since Wednesday. The price is currently trading at $28,166, with a 24-hour low and high of $28,037 and $29,076 respectively.
Popular crypto analyst Michael van de Poppe claims currently shows weakness after losing one of the crucial levels. The next level of support is at $27,600. If the BTC price fails to recover to $28,800, a move to $26,200 could be observed.
Bitcoin price. Source: Michael van de Poppe
Meanwhile, ETH price is trading at $1,932, down 2% in the past 24 hours. The 24-hour low and high are $1,918 and $1,979 respectively. Continued ETH withdrawals after Shanghai finally put selling pressure on Ether, transferring whales huge ETHs to Binance and other crypto exchanges.
Also Read: Dogecoin Price: Analyst Predicts When DOGE Reclaims New High
Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
This post Will Bitcoin and Ethereum support levels fall
was published first on https://coingape.com/crypto-expiry-bitcoin-and-ethereum-bearish-price-move-to-break-key-support-levels/