The off-site trading team of the encrypted marketer Wintermute indicated that, as the market became less mobile in the summer, bitcoin and the Etherfrog were coming closer to the bottom of the recent trade zone. The Agency believes that, if current pressures continue, the Bitcoin short line requires attention in the $59,000 line.

The options price points to narrow fluctuations.

Wintermute, in his Wednesday briefing to CoinDesk, stated that bitcoin and the Etherport were still subject to multiple factors. On the one hand, the Fed released a hawk signal last week; on the other hand, repeated information about the situation in Iran has kept the risk asset sentiment in motion.

In terms of options pricing, the market does not expect high volatility for the next 24 hours. Wintermute's one-date cross-pricing shows that the expected swing range of Bitcoin is between US$ 61,242 and US$ 63,563; and the correspondence range of the EtherFox is between US$ 1,606 and US$ 1,694.

  • Bitcoin is about 1.9% against implied fluctuations.
  • It's about 2.7%.

The ETF buyout is still unsupported.

Wintermute points out that the current market context is weakening. One notable change is that the correlation between tokens is increasing, meaning that more assets begin to fluctuate simultaneously, rather than being driven by individual fundamentals.

At the same time, summer trading times are usually accompanied by a decline in liquidity, and at this stage no new institutional buy-in is observed in ETF flows. This makes the market more vulnerable to macro-information and silo adjustment in the absence of incremental finance.

The Agency has therefore listed $59,000 as the next point where Bitcoin needs to focus its attention, and has described this level as a low point in the bear market and an important support point for the ongoing pressure.

Three events this week.

According to Wintermute, the market focused on three events during the rest of the week: Whether the US-Iran peace agreement will be maintained, the US PCE inflation data released on Thursday, and the end-of-month quarterly options expire.

Of these, PCE is the preferred inflation indicator of the Federal Reserve, which may affect interest rate expectations; and quarterly maturity usually magnifies price volatility, especially when traders are concentrated on rollovers or when they are in large positions.