Today, the cryptocurrency market is experiencing a noticeable correction: the price of Bitcoin has dropped more than 4% today to around $99,000, while Ethereum fell by about 8.5% to around $2,190 according to a recent report. This coincides with a total market capitalization drop of around 4–6% to about $3.1 trillion, while daily trading volume has increased, indicating intense buying and selling activity.
Technical analysis indicates that Bitcoin is facing resistance in the area of ~$105,000–106,000, having closed yesterday around $101,200 but is experiencing short-term downward pressure. Experts have noted that the market has entered the period before the expiration of options contracts on June 27, increasing the likelihood of upcoming volatility.
For tomorrow, forecasts indicate a continuation of the volatility, with the price remaining within a range of $100k–$105k for Bitcoin. The market direction is expected to depend on a clear break of this range, in addition to the impact of options expiration. Data from the 'Milk Road' platform showed that the market may experience a relatively quiet week, which could give liquidity planners a brief respite.
In summary:
Today: Sharp correction with increased volatility and clear selling pressure.
Tomorrow: Likely to fluctuate within the current range, with limited scenarios for a breakout towards the technical expiration boxes for the week.
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