$BTC Bitcoin and $ETH Ethereum have recently pulled back in value.
*Current Prices:*
- *Bitcoin (BTC)*: $102,984.54, down 0.70% with a market cap of $2.06 trillion
- *Ethereum (ETH)*: $2,482.18, down 4.82% with a market cap of $314.08 billion
*Reasons for Pullback:*
The pullback is attributed to a massive $3.1 billion options expiry, with Bitcoin options making up $2.66 billion and Ethereum options accounting for $525 million. This expiry has led to increased hedging activity, particularly for Ethereum, which has a put/call ratio of 1.24, indicating a bearish sentiment.¹
*Market Sentiment:*
- Bitcoin's sentiment is relatively balanced, leaving room for either a breakout or a deeper pullback.
- Ethereum's higher put interest suggests a stronger hedging activity, potentially due to uncertainty among traders.
*Support Levels:*
- Bitcoin has technical support at $100,000, which should provide significant support for a rebound. If this level fails to hold, the next key support zone is at $90,000-$92,000.²
*Expert Insights:*
Some analysts suggest it's time to "pull the brakes" on Ethereum and rotate back into Bitcoin, citing the lackluster performance of Ethereum futures ETFs and Bitcoin's potential for ETF approval and halving event.³
