Crypto Market Weakness Continues as Options Expiry Looms
The cryptocurrency market is showing signs of weakness, according to King of Coins from Bitsheng Group. In his latest update, he notes that Bitcoin and Ethereum are struggling to gain momentum.
On August 14, over $1.4 billion in crypto options expire, with a maximum pain point at $64,000 for Bitcoin and $1,900 for Ethereum. Typically, prices tend to move towards their maximum pain point before expiry, suppressing volatility.
The bullish positions are focused above $68,000, but it's unlikely that Bitcoin will reach this level in the short term due to weak momentum. King of Coins suggests considering short positions above $64,000 with a target at $62,500 and a stop-loss at $64,600.
For Ethereum, the movement is slightly stronger than Bitcoin's, but still quite weak. The rebound yesterday was blocked near the options pain point at $1,900 and stopped immediately after reaching it. King of Coins recommends targeting a short position at $1,860 with a small stop-loss.