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- GT Airdrop Is Live! 1.92M GT Burned in Q2, Worth Over $39M
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Watch Out For The Week: This News Will Be Effective For Bitcoin!
Bitcoin will price these developments next week
The crypto market is cooling off the momentum gained by the July 13 victory of Ripple. Bitcoin price briefly rallied on Friday before losing $30,000 again. It is currently moving sideways below this level.
Ethereum (ETH) has been largely stable throughout the day. It continues to spend time below the weekly low of $1,900. Major altcoins, including SOL and XRP, have recovered some of the losses they endured earlier in the day. Meanwhile, the market's total value dropped to the region of 1.16 trillion.
$31,500 is critical before options contracts
Rachel Lin, CEO and co-founder of SynFutures, stated that the week started enthusiastically with a positive decision in the Ripple-SEC case. However, BTC and ETH failed to break the resistance and returned to their weekly lows, putting the market under pressure.
Lin, whose options contracts expire, said, “Bitcoin options data reveals high open interest on the $31,000 and $32,000 Call Options. It shows strong resistance at these levels. The other day was more positive, with call options trading about 3 times the volume of put options,” he says.
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