Bitcoin, Ethereum Slip Below Max Pain Price, Crypto Market Crash Ahead?

Bitcoin and Ethereum prices witnessed major volatility due to macro headwinds. Analysts predict a drop in BTC price to at least $103K, while traders awaits Friday’s nonfarm payrolls data and crypto options expiry.

Meanwhile, Wall Street activity navigate a complex mix of macroeconomic concerns, institutional inflows, and seasonal patterns. Spot Bitcoin and Ethereum ETFs inflows data clearly signaled tariffs jitters among investors.

Moreover, the Crypto Fear & Greed Index slipped from 62 (Greed) to Neutral (55) over the last 24 hours. This indicates a shift in sentiment among investors due to multiple factors including seasonality.

According to QCP Capital, spot ETF inflows have slowed but remain constructive. Despite the seasonal summer lull, the structural backdrop remains intact. BTC and ETH are now trailing Global M2 money supply. QCP said that “a long-term positive price drift appears increasingly probable.”

Crypto Traders Brace for Options Expiry

Over $3.8B in crypto options are set to expire on Deribit at 08:00 UTC on Friday. Calls dominated over puts for both Bitcoin and Ethereum options in the last 24 hours.

The Coin Republic accurately predicted a crypto market crash last week. Bitcoin price fell from $108,845 from $103,239 as over $10 billion in Bitcoin options expired.

Notably, 30,729 BTC options with a notional value of $3.21 billion are set to expire on Friday, with a put-call ratio of 0.76. The max pain point is $105,000, which is higher than the BTC price at the time of writing. This indicates either an exit by traders or liquidation.

Bitcoin price fell more than 5% in the past 24 hours, with the price changing hands at $102,761 at the time of writing. The 24-hour low and high were $100,346 and $105,936, respectively.

Also, 242,584 ETH options with a notional value of $623 million to expire. The put-call ratio was 0.69 and the max pain point was $2,600.

ETH price tumbled over 5%, with the price trading at $2,467 at the time of writing. It indicates selling pressure rising on Ethereum as the price slipped below the max pain price. However, ETH looked firm testing its 200-SMA repeatedly without forming lower lows.

Crypto Liquidation Surges Over $1 Billion

Coinglass data indicated over $1 billion in crypto liquidations, with more than $900 million long and $90 million short positions liquidated in the last 24 hours.

Notably, 250K traders were liquidated in the last 24 hours. The largest single liquidation order of BTCUSD valued at $10 million happened on crypto exchange BitMEX.

Besides, Lookonchain reported that high leverage trader James Wynn failed to prevent liquidation. He was liquidated for 155.38 BTC worth $16.14 million.

Analyst Caleb Franzen predicted that Bitcoin needs to hold $103.7K, the all-time high weekly close range.

He said it give an opportunity to flip this former resistance range into support, but if it fails breakout below is certain.

Moreover, Ali Martinez pointed out that the MVRV Ratio had just crossed below its 200-day SMA. this bearish signal could point to further downside pressure for Bitcoin.

Other analysts have also noted $103K-$103.5K as key level to end the correction in Bitcoin price. Michael van de Poppe said “Let’s just have that sweep sub $103,000 on Bitcoin and then we’re done with this correction.

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