- Bitcoin and Ethereum have been consolidating under specific price levels for weeks.
- The market’s fear and greed index is currently neutral, making it difficult to predict the market’s direction.
- An Ethereum whale has moved nearly $40 million worth of Ether into Coinbase, which could be a sign that the whale is planning to sell.
- Bitcoin is currently sitting at the $29,000 zone, and it is unclear whether the bulls or bears will prevail in the coming days.
Bitcoin, for example, is consolidating around the $29,500 zone after spending the last few weeks under the $30,000 zone.
Ethereum as well has failed to break above the $2,000 zone for weeks and has been bearish over the short-term perspective.
The market’s fear and greed index currently sits at the neutral zone, with a total market cap of about $1.18 trillion.
This makes the market’s direction slightly hard to predict at a glance.
However, in this article, we will try to go over the latest happenings in the market, including Bitcoin’s soon-to-expire options contracts, and the way an Ethereum whale recently moved tens worth of millions of Ether into Coinbase.
We will go over what to expect from the market this weekend, as well as what to expect as we usher in a new week.
Without further ado: Here’s what we have.
The Crypto Market In Focus
This week on Friday, Bitcoin fell again into bearish zone by as much as 0.3% while remaining below the 29,500 level.
It has failed, ever since, to break through the $30,000 zone and is recording about 1.5% dip over the last seven days.
Ethereum, Bitcoin’s biggest rival, has also declined along similar lines, with a 0.25% gain over the last 24 hour.
The cryptocurrency is maintaining the $1,850 level and is down by about 0.62% over the last week.
The last 24 hours has seen the fear and greed index hit a score of 52/100, up one point from yesterday.
$2 Billion Bitcoin Options Expired on Friday
If you want to know what might happen with Bitcoin over the weekend, a good place to start is the news.
You should know that as the month comes to an end a few days from today, a sizable number of Bitcoin options contracts were slated to expire.
According to the tweet below from Greeks.live, these contracts are worth a whopping $2.08 billion, with a maximum pain point is $29,000, which is very close to the price of Bitcoin on the spot market right now.
Ethereum Whale Moves Tens Of Millions
According to another tweet from Whale Alert on Twitter, another Ethereum whale has moved nearly 40 million dollars of Ethereum into Coinbase.
In a tweet posted on Friday morning, the whale monitoring platform mentioned that a new whale had just moved 19,974 $ETH (worth 37,132,649) from an unknown wallet into Coinbase in this transaction.
This might be an interesting piece of information to take note of because when whales move their funds into exchanges, it is most likely to be for selling.
$37 million worth of Ether flooding the market is no small matter.
$29,500 A New Support For BTC? (Price Analysis)
Bitcoin has shown a great deal of affinity for the $29,500 zone over the last few weeks.
As more than $2 billion worth of options contracts expired, this zone may very well be a significant support for the flagship cryptocurrency in these trying times.
Keep in mind that the FED also raised interest rates by another 25 basis points a few days ago.
Historically, options expiry have always had an effect on Bitcoin’s volatility. Consider how Bitcoin rallied by 10.20% after May 2023’s options expiry, and by 11.77% after April’s expiry as illustrated below.
Bitcoin is currently sitting at he $29,000 zone, as its bears and bulls battle for whether the cryptocurrency enters a bounce, or breaks through the $29,000 support to the bottomside.
Bitcoin’s RSI is still under the neutral zone, showing that the bears are at an advantage here. However, this weekend and the following week may present a few pleasant surprises.
Ethereum Pushing Above $1,900
Over the weekend, the bulls pushed Ethereum (ETH) closer to the $1,900 mark, causing the cryptocurrency to teeter slightly higher as well.
The cryptocurrency is currently struggling around the $1,828 zone as illustrated below, and may need a boost to venture further up.
However, the cryptocurrency appears to be trying to break through its RSI’s neutral zone. This indicates that the bulls are gaining some momentum, and may be ready to take back the $1,900 zone fro the bears.
As illustrated above, the Fibonacci tool on the daily chart shows that ethereum is holding out at the 38.2% level ($1,804).
If Ethereum does break out from this zone, the next major resistance would be the 23.6% zone above the $2,000 zone.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.