Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto Market Directionless As Cme Bitcoin Options Expire

The cryptocurrency market is trying to find stability after a widespread retreat from the beginning of the week. Bitcoin plummeted to $50,000, followed by an ongoing lethargic recovery. Ethereum is having a hard time sustaining gains despite the crucial support at $1,550. On the other hand, Ripple is among the most improved altcoins, posting a 9% growth in value over the last 24 hours.

Some selected altcoins have recorded double-digit gains including Terra (up 14%), TRON (up 10%), Elrond (up 10.8%) and PancakeSwap (up 16.5%). As the weekend session is ushered in, investors expect most digital assets to gain ground from the prevailing price levels.

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Bitcoin struggles with the uptrend despite options expiration

The quarterly Chicago Mercantile Exchange (CME) Bitcoin and Ethereum contracts are set to expire on March 26. Note that open interest in the options market is used to control the number of active contracts and, by extension, highlights the level of liquidation at particular expiration dates. However, it is essential to note that the impact of the options could vary and does not always lead to an uptick in the Bitcoin price.

Meanwhile, Bitcoin is trading slightly above the descending channel's middle boundary, as discussed earlier. A break under this could see BTC revisit the support at $50,000. If push comes to shove, losses may extend to $46,000 and $44,000, respectively.

(Click on image to enlarge)

BTC/USD 4-hour chart

BTC/USD 4-hour chart

It is worth noting that the uptrend staged from $50,000 may continue if BTC overcomes the short-term hurdle at the four-hour 200 Simple Moving Average (SMA). Another leg toward $56,000 will be validated by price action beyond the channel.

Ethereum struggles to find direction

Ethereum is stable, especially following the recently formed support at $1,550. However, recovery remains an uphill battle due to the resistance under $1,700. At the time of writing, Ether is exchanging hands at $1,625 amid a persistent push by the bulls to sustain the uptrend.

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Disclaimer: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only ...

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