Crypto today: Bitcoin, Ethereum’s upcoming $10 billion options expiry renews optimism among traders
Source Fxstreet
- Bitcoin, Ethereum’s 25% options are set to expire in the money on Friday, setting the tone for a bullish July.
- Bitcoin is struggling to break past the resistance at $62,500, trading at $61,442 on Wednesday.
- Ethereum and XRP prices are nearly unchanged in the past 24 hours, trading at $3,377 and $0.4739 respectively.
Crypto update:
- BTC/USDT is trading at $61,442 early on Wednesday, nearly unchanged in the past 24 hours. The largest asset by market capitalization has wiped out nearly 6% in the past seven days. Bitcoin has been in a choppy zone, directionless, and traders look to Friday’s option expiry for hints on what to expect from BTC.
Bitcoin steadies around $61,000 after liquidations on Defi platforms exceed $1 million
- ETH/USDT is trading at $3,377, up nearly 0.2% on the day. The altcoin has sustained above key support with the optimism surrounding the expected approval of the Spot Ethereum ETF.
Analysis shows Ethereum ETFs could impact the market with $15 billion net flows by 2025
- XRP/USDT is trading at $0.4739 at the time of writing. The altcoin is down nearly 0.40% in the past 24 hours. XRP’s social dominance is at its highest level since April 2024, as the altcoin’s relevance has increased among traders.
Ripple CEO Brad Garlinghouse slams SEC Gary Gensler for his remarks on crypto, XRP extends losses
- Meme coins and Artificial Intelligence (AI) categories of tokens noted surges in their market capitalization. Meme coins added nearly 6% to their market capitalization, pushing it to $50.89 billion. AI tokens added 3% to their market cap in the same timeframe, up to $29.54 billion.
- Luuk Strijers, CEO at Deribit, told Coindesk that over 25% of Deribit's open interest is set to expire this Friday, “in the money,” meaning the asset has already surpassed the strike price.
Chart of the day:
WIF/USDT daily chart
Dogwifhat (WIF) is trading at $2.0484, down 1% in the past seven days. The Moving Average Convergence Divergence (MACD) shows decreasingly shorter red histogram bars, and MACD is close to crossing above the signal line, a bullish sign for WIF.
WIF is likely to rally towards the lower boundary of the Fair Value Gap at $2.3281, a 14% rally. The meme coin could drop to support at $1.699.
Market updates:
- German government Bitcoin transfers continue, with another 750 BTC moving early on Wednesday. The following transfers were tracked by Spotonchain:
- 125 BTC moved to Kraken
- 125 BTC moved to Bitstamp
- 500 BTC moved to wallet “139PoPE1bK”
- 0.001 BTC sent to Flow Traders (likely a test transaction)
- In the past week, the German government has transferred 4,250 BTC worth $271.3 million at an average price of $63,828.
- Bitcoin ETF net inflow turned positive after seven consecutive days of outflows. $31 million flowed into Bitcoin ETFs.
30-day net inflow of Bitcoin ETFs
- Bitcoin Fear and Greed Index climbed from 30 to 46, but still remains within the “fear” zone.
Fear and Greed Index
Industry updates:
- zkSync, a Layer 2 network, announces the launch of the interoperability layer Elastic Chain to compete with Polygon’s AggLayer. Polygon is currently the largest Ethereum scaling solution in the ecosystem.
- Coin98 wallet announces support for .shib names from an identity service for the top web3 communities.
WOOF! @coin98_wallet now lets you send, receive, and store your favorite crypto & NFTs using your Viction, Core, or Shib Names!
— Shib (@Shibtoken) June 26, 2024
Who's rocking a $SHIB Name already? Let's see those epic handles in the comments! #ShibArmy https://t.co/CMGE5eDKHO
- DEXScreener, a DeFi analytics tool, announced the launch of its meme coin decentralized application (DApp) Moonshot.
Moonshot does not have an X account, don't fall for scams. Steady lads, more to come!
— DEX Screener (@dexscreener) June 24, 2024
DEX Screener just launched their own Memecoin dApp!
— 0xNobler (@CryptoNobler) June 25, 2024
Missed the early days of PumpFun? Don't waste your second chance to make millions on Moonshot!
The most complete guide on how to find the next x100 before everyone else pic.twitter.com/FVTiMEzHe5
The top 3 gainers on Wednesday are Fetch.ai (FET), Notcoin (NOT) and SingularityNET (AGIX), up 10%, 8.5% and 9%, respectively, in the past 24 hours, per CoinGecko data.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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Analysts predict Bitcoin may face further declines towards the $70,000 mark if the Bank of Japan raises interest rates as expected.
Bitcoin Slides 5% as Sellers Lean In — Can BTC Reclaim $88,000?Bitcoin has dropped back below $88,000 after rolling over from $90,500, with price still trading under the 100-hour Simple Moving Average.
The sell-off found a floor at $85,151, and BTC is now consolidating near that base, but rebounds are facing pressure from a bearish trend line around $89,000.
Bulls need to retake $88,000–$89,000 to ease downside risk; failure to do so keeps $85,500–$85,000 and then $83,500 in play, with $80,000 as the deeper “line in the sand.”
Bitcoin (BTC) is back in damage-control mode after a sharp pullback wiped out recent gains. The price failed to reclaim the $90,000–$90,500 band, rolled over, and slid through $88,500 before briefly dipping under $87,000. Buyers did show up around $85,000, but the rebound so far looks more like stabilization than a clear trend reversal.
Bitcoin dips hard, finds a bid near $85,000（h3）
BTC’s latest move lower began when it couldn’t build follow-through above $90,000 and $90,500. Once that upside stalled, sellers took control and pushed price down through $88,500.
The slide accelerated enough to spike below $87,000, but the market didn’t free-fall. Bulls defended the $85,000 zone, printing a low at $85,151. Since then, Bitcoin has been consolidating below the 23.6% Fibonacci retracement of the drop from the $93,560 swing high to the $85,151 low — a clue that the bounce is still shallow and that sellers haven’t fully backed off yet.
Structurally, BTC is still on the back foot:
It’s trading below $88,000, and
It remains below the 100-hour Simple Moving Average, keeping short-term trend pressure pointed downward.
Resistance is layered, and $89,000 is the problem area（h3）
If bulls try to turn this into a recovery, they’ll have to climb through multiple ceilings in quick succession.
First, BTC faces resistance around $87,150, followed by a more meaningful barrier near $87,500. From there, the market’s attention snaps back to $88,000 — the level BTC just lost and now needs to reclaim.
A close back above $88,000 would improve the tone, but it doesn’t solve the bigger issue: there’s a bearish trend line on the hourly BTC/USD chart (Kraken feed) with resistance near $89,000, which also lines up with the next technical hurdle.
If BTC can push through $89,000 and hold, the rebound could extend toward $90,000, with follow-through targets at $91,000 and $91,500. But until price clears that $88,000–$89,000 zone, rallies are at risk of being sold rather than chased.
If BTC fails to reclaim resistance, the downside path is clear（h3）
The near-term bear case is simple: if Bitcoin can’t climb back above the $87,000 area and keep traction, sellers may attempt another leg lower.
Support levels line up like this:
Immediate support: $85,500
First major support: $85,000
Next support: $83,500
Then $82,500 in the near term
Below that, the major “don’t break this” level is still $80,000. If BTC slips under $80,000, the risk of acceleration to the downside increases significantly — not because it’s magic, but because it’s the kind of psychological and structural level that tends to trigger forced de-risking.
Indicators: momentum still leans bearish（h3）
The intraday indicators aren’t offering much comfort yet:
Hourly MACD is losing pace in the bearish zone.
Hourly RSI remains below 50, suggesting sellers still have the upper hand on short timeframes.
So while the $85,000 defense held for now, the market hasn’t flipped bullish — it’s just stopped bleeding.
Bitcoin has dropped back below $88,000 after rolling over from $90,500, with price still trading under the 100-hour Simple Moving Average.
The sell-off found a floor at $85,151, and BTC is now consolidating near that base, but rebounds are facing pressure from a bearish trend line around $89,000.
Bulls need to retake $88,000–$89,000 to ease downside risk; failure to do so keeps $85,500–$85,000 and then $83,500 in play, with $80,000 as the deeper “line in the sand.”
Bitcoin (BTC) is back in damage-control mode after a sharp pullback wiped out recent gains. The price failed to reclaim the $90,000–$90,500 band, rolled over, and slid through $88,500 before briefly dipping under $87,000. Buyers did show up around $85,000, but the rebound so far looks more like stabilization than a clear trend reversal.
Bitcoin dips hard, finds a bid near $85,000（h3）
BTC’s latest move lower began when it couldn’t build follow-through above $90,000 and $90,500. Once that upside stalled, sellers took control and pushed price down through $88,500.
The slide accelerated enough to spike below $87,000, but the market didn’t free-fall. Bulls defended the $85,000 zone, printing a low at $85,151. Since then, Bitcoin has been consolidating below the 23.6% Fibonacci retracement of the drop from the $93,560 swing high to the $85,151 low — a clue that the bounce is still shallow and that sellers haven’t fully backed off yet.
Structurally, BTC is still on the back foot:
It’s trading below $88,000, and
It remains below the 100-hour Simple Moving Average, keeping short-term trend pressure pointed downward.
Resistance is layered, and $89,000 is the problem area（h3）
If bulls try to turn this into a recovery, they’ll have to climb through multiple ceilings in quick succession.
First, BTC faces resistance around $87,150, followed by a more meaningful barrier near $87,500. From there, the market’s attention snaps back to $88,000 — the level BTC just lost and now needs to reclaim.
A close back above $88,000 would improve the tone, but it doesn’t solve the bigger issue: there’s a bearish trend line on the hourly BTC/USD chart (Kraken feed) with resistance near $89,000, which also lines up with the next technical hurdle.
If BTC can push through $89,000 and hold, the rebound could extend toward $90,000, with follow-through targets at $91,000 and $91,500. But until price clears that $88,000–$89,000 zone, rallies are at risk of being sold rather than chased.
If BTC fails to reclaim resistance, the downside path is clear（h3）
The near-term bear case is simple: if Bitcoin can’t climb back above the $87,000 area and keep traction, sellers may attempt another leg lower.
Support levels line up like this:
Immediate support: $85,500
First major support: $85,000
Next support: $83,500
Then $82,500 in the near term
Below that, the major “don’t break this” level is still $80,000. If BTC slips under $80,000, the risk of acceleration to the downside increases significantly — not because it’s magic, but because it’s the kind of psychological and structural level that tends to trigger forced de-risking.
Indicators: momentum still leans bearish（h3）
The intraday indicators aren’t offering much comfort yet:
Hourly MACD is losing pace in the bearish zone.
Hourly RSI remains below 50, suggesting sellers still have the upper hand on short timeframes.
So while the $85,000 defense held for now, the market hasn’t flipped bullish — it’s just stopped bleeding.
