COINOTAG News reported on December 24th that a significant focus within the cryptocurrency markets is the upcoming expiration of Bitcoin and Ethereum options, amounting to approximately $20 billion. This event, scheduled for this Friday, accounts for nearly half of Deribit’s total open interest. Should spot prices maintain current levels, it is probable that option sellers will continue rolling their short positions, further influencing market dynamics. QCP Capital noted that with Bitcoin struggling to surpass $100,000, a convergence may occur where altcoins start to experience upward momentum.
Market analyst Alex Kuptsikevich from FxPro highlighted that a potential decline of Bitcoin below $90,000 could unlock fresh opportunities for investors. While a dramatic dip to the $70,000 level cannot be ruled out, the prevailing sentiment suggests that a pullback to $90,000 remains the more plausible outcome. Such a price point could entice buyers, effectively curbing further selloff pressure. The market continues to navigate the implications of a more hawkish stance from the Federal Reserve, prompting many to consider profit-taking strategies as the year concludes.