Bitcoin (BTC) and Ethereum (ETH) have fallen significantly, reverting to mid-May values amidst geopolitical unrest in the Middle East. This decline is exacerbated by an upcoming options expiry worth $4 billion, heightening selling pressure in a volatile market.
The max pain point for BTC is at $106,000, signaling potential trader exits or liquidations as current prices dip below this benchmark. The put-call ratio of 1.10 reflects a bearish outlook, indicating more puts than calls being purchased.
In the previous 24 hours, Bitcoin traded at $104,806 while Ethereum declined to $2,524. Open interest in Bitcoin futures stands at $69.83 billion and $35.03 billion for Ethereum, showing low trading volumes recently.
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