$BTC $ETH Market Analysis

According to Twitter user Phyrex's analysis: The current price surge in BTC and ETH may be influenced by options expiry, but the cryptocurrency market itself lacks positive news and is instead affected by negative news like the downgrade of the US credit rating. The key levels for BTC and ETH are around $29,500 and $1,850, respectively, and there is considerable capital volume at present. However, it is essential to monitor the US stock market's reaction to the credit rating downgrade.

After this week's options expiry, the key level for the following week's options will be around $29,500, and for the remaining two weeks, the key level will be at $30,000, including the monthly expiry price.

Although the correlation between BTC, ETH, and the US stock market has decreased, only an uptrend in the US stock market can drive sector rotation and provide opportunities for the cryptocurrency market. If the US stock market declines as a whole without new driving forces, the cryptocurrency market may struggle to experience significant changes. Therefore, it is crucial to carefully observe market dynamics, especially the performance of the US stock market and any new developments in the cryptocurrency market.