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A Pause Before the Next Surge?

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Bitcoin price started a short-term downside correction after setting a new all-time high. BTC is consolidating above $101,000 and might aim for a fresh increase.

  • Bitcoin started a downside correction from the $109,000 zone.
  • The price is trading below $104,500 and the 100 hourly Simple moving average.
  • There is a connecting bearish trend line forming with resistance at $104,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start another increase if it stays above the $100,000 support zone.

Bitcoin Price Sets New ATH

Bitcoin price started a decent upward move above the $102,000 zone. BTC was able to climb above the $104,500 and $103,800 levels.

The bulls even pushed the price above the $107,000 level. The price traded to a new all-time high at $109,112 and recently there was a downside correction. There was a drop below the $104,500 and $103,500 levels. The price even dipped below $102,000.

A low was formed at $100,114 and the price is now rising. There was a move toward the 23.6% Fib retracement level of the recent decline from the $109,112 swing high to the $100,114 low.

Bitcoin price is now trading below $104,500 and the 100 hourly Simple moving average. On the upside, immediate resistance is near the $104,000 level. Besides, there is a connecting bearish trend line forming with resistance at $104,000 on the hourly chart of the BTC/USD pair.

The first key resistance is near the $104,500 level or the 50% Fib retracement level of the recent decline from the $109,112 swing high to the $100,114 low.

Bitcoin Price
Source: BTCUSD on TradingView.com

A clear move above the $104,500 resistance might send the price higher. The next key resistance could be $106,500. A close above the $106,500 resistance might send the price further higher. In the stated case, the price could rise and test the $108,000 resistance level. Any more gains might send the price toward the $109,500 level.

More Losses In BTC?

If Bitcoin fails to rise above the $104,000 resistance zone, it could start a downside correction. Immediate support on the downside is near the $100,500 level. The first major support is near the $100,000 level.

The next support is now near the $98,800 zone. Any more losses might send the price toward the $96,500 support in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.

Major Support Levels – $100,500, followed by $100,000.

Major Resistance Levels – $104,000 and $105,500.



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Bitcoin & Ethereum Options Expiry: Can Prices Stay Stable?

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The crypto market is set to see $2.58 billion in Bitcoin and Ethereum options expire today, a development that could trigger short-term price volatility and impact traders’ profitability.

Of this total, Bitcoin (BTC) options account for $2.18 billion, while Ethereum (ETH) options represent $396.16 million.

Bitcoin and Ethereum Holders Brace For Volatility

According to data on Deribit, 26,457 Bitcoin options will expire today, significantly lower than the first quarter (Q1) closer, where 139,260 BTC contracts went bust last week. The options contracts due for expiry today have a put-to-call ratio 1.25 and a maximum pain point of $84,000.

The put-to-call ratio indicates a higher volume of puts (sales) relative to calls (purchases), indicating a bearish sentiment. More traders or investors are betting on or protecting against a potential market drop.

Expiring Bitcoin Options. Source: Deribit

On the other hand, 221,303 Ethereum options will also expire today, down from 1,068,519 on the last Friday of March. With a put-to-call ratio of 1.41 and a max pain point of $1,850, the expirations could influence ETH’s short-term price movement.

Expiring Ethereum Options
Expiring Ethereum Options. Source: Deribit

As the options contracts near expiration at 8:00 UTC today, Bitcoin and Ethereum prices are expected to approach their respective maximum pain points. According to BeInCrypto data, BTC was trading at $82,895 as of this writing, whereas ETH was exchanging hands for $1,790.

This suggests that prices might rise as smart money aims to move them toward the “max pain” level. Based on the Max Pain theory, options prices tend to gravitate toward strike prices where the highest number of contracts, both calls and puts, expire worthless.

Nevertheless, price pressure on BTC and ETH will likely ease after 08:00 UTC on Friday when Deribit settles the contracts. However, the sheer scale of these expirations could still fuel heightened volatility in the crypto markets.

“Where do you see the market going next? Deribit posed.

Elsewhere, analysts at Greeks.live explain the current market sentiment, highlighting a bearish outlook. This adds credence to why more traders are betting on or protecting against a potential market drop.

Bearish Sentiment Grips Markets

In a post on X (Twitter), Greeks.live reported a predominantly bearish sentiment in the options market. This follows US President Donald Trump’s tariff announcement.

BeInCrypto reported that the new tariffs constituted a 10% blanket rate and 25% on autos. While this fell short of market expectations, it was still perceived as a negative development, sparking widespread concern among traders.

According to the analysts, options flow reflected this pessimism, with heavy put buying dominating trades.

“Trump’s tariffs are viewed as severe trade disruption… The market’s initial positive reaction with a price spike to $88 was seen as gambling/short covering, followed by a sharp reversal as reality set in about economic impacts. Options flow remains heavily bearish, with traders noting significant put buying, including “700 79k puts for end of April,” wrote Greeks.live analysts.

Traders snapping up 700 $79,000 puts for the end of April signals expectations of a sustained downturn. According to the analysts, the consensus among traders points to continued volatility, with a potential “bad close” below $83,000 today, Friday, April 4. Such an action would erase the earlier pump entirely.

Meanwhile, many traders are adopting bearish strategies, favoring short calls or put calendars. Shorting calls is reportedly deemed the most effective approach in the current climate.

Therefore, while the market’s initial reaction to Trump’s tariffs was a mix of hope and reality, the reversal reflects the broader economic fallout from Trump’s policies. As traders brace for choppy conditions, the bearish outlook in options trading paints a cautious picture for the days ahead.

Global supply chain disruptions and economic uncertainty remain at the forefront of market concerns.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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XRP Battle Heats Up—Can Bulls Turn the Tide?

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XRP price started a fresh decline below the $2.050 zone. The price is now consolidating and might face hurdles near the $2.10 level.

  • XRP price started a fresh decline below the $2.120 and $2.050 levels.
  • The price is now trading below $2.10 and the 100-hourly Simple Moving Average.
  • There is a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair (data source from Kraken).
  • The pair might extend losses if it fails to clear the $2.10 resistance zone.

XRP Price Attempts Recovery

XRP price extended losses below the $2.050 support level, like Bitcoin and Ethereum. The price declined below the $2.00 and $1.980 support levels. A low was formed at $1.960 and the price is attempting a recovery wave.

There was a move above the $2.00 and $2.020 levels. The price surpassed the 23.6% Fib retracement level of the downward move from the $2.235 swing high to the $1.960 low. However, the bears are active below the $2.10 resistance zone.

The price is now trading below $2.10 and the 100-hourly Simple Moving Average. On the upside, the price might face resistance near the $2.070 level. There is also a short-term declining channel forming with resistance at $2.0680 on the hourly chart of the XRP/USD pair.

The first major resistance is near the $2.10 level. It is near the 50% Fib retracement level of the downward move from the $2.235 swing high to the $1.960 low. The next resistance is $2.120.

XRP Price

A clear move above the $2.120 resistance might send the price toward the $2.180 resistance. Any more gains might send the price toward the $2.2350 resistance or even $2.40 in the near term. The next major hurdle for the bulls might be $2.50.

Another Decline?

If XRP fails to clear the $2.10 resistance zone, it could start another decline. Initial support on the downside is near the $2.00 level. The next major support is near the $1.960 level.

If there is a downside break and a close below the $1.960 level, the price might continue to decline toward the $1.920 support. The next major support sits near the $1.90 zone.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is now above the 50 level.

Major Support Levels – $2.00 and $1.960.

Major Resistance Levels – $2.10 and $2.120.



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Ethereum Price Losing Ground—Is a Drop to $1,550 Inevitable?

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Ethereum price attempted a recovery wave above the $1,820 level but failed. ETH is now consolidating losses and might face resistance near the $1,840 zone.

  • Ethereum failed to stay above the $1,850 and $1,840 levels.
  • The price is trading below $1,840 and the 100-hourly Simple Moving Average.
  • There is a short-term bearish trend line forming with resistance at $1,810 on the hourly chart of ETH/USD (data feed via Kraken).
  • The pair must clear the $1,820 and $1,840 resistance levels to start a decent increase.

Ethereum Price Dips Further

Ethereum price failed to stay above the $1,800 support zone and extended losses, like Bitcoin. ETH traded as low as $1,751 and recently corrected some gains. There was a move above the $1,780 and $1,800 resistance levels.

The bulls even pushed the price above the 23.6% Fib retracement level of the downward move from the $1,955 swing high to the $1,751 low. However, the bears are active near the $1,820 zone. The price is now consolidating and facing many hurdles.

Ethereum price is now trading below $1,820 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $1,810 level. There is also a short-term bearish trend line forming with resistance at $1,810 on the hourly chart of ETH/USD.

The next key resistance is near the $1,840 level or the 50% Fib retracement level of the downward move from the $1,955 swing high to the $1,751 low at $1,850. The first major resistance is near the $1,880 level.

Ethereum Price
Source: ETHUSD on TradingView.com

A clear move above the $1,880 resistance might send the price toward the $1,920 resistance. An upside break above the $1,920 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $2,000 resistance zone or even $2,050 in the near term.

Another Decline In ETH?

If Ethereum fails to clear the $1,850 resistance, it could start another decline. Initial support on the downside is near the $1,765 level. The first major support sits near the $1,750 zone.

A clear move below the $1,750 support might push the price toward the $1,720 support. Any more losses might send the price toward the $1,680 support level in the near term. The next key support sits at $1,620.

Technical Indicators

Hourly MACDThe MACD for ETH/USD is gaining momentum in the bearish zone.

Hourly RSIThe RSI for ETH/USD is now below the 50 zone.

Major Support Level – $1,750

Major Resistance Level – $1,850



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