Cryptocurrencies witnessed significant volatility since Thursday in the backdrop of negative news plaguing the financial sector that saw Silvergate Capital Corp (NYSE:SI) shut down and a funding crisis erupts at the SVB Financial Group (NASDAQ:SIVB).

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After having fallen below the $20,000 mark, Bitcoin (CRYPTO: BTC) is back above $22,500 on Monday while Ethereum (CRYPTO: ETH), too, was trading higher after having fallen below the $1,400 level on Friday. As the banking crisis continues, here’s a look at crucial support and resistance zones factored in by the options market for the week:

1. Bitcoin: Options market data indicate the token is witnessing multiple levels of resistance with significant open interest build-up seen at these strikes. The $23,000 and $25,000-Call strikes on options expiring this Friday are witnessing a significant open interest build-up, indicating the levels could act as a stiff resistance. If Bitcoin manages to breach this level, the $26,500 level will prove a major hurdle to cross as maximum open interest build-up is seen at this level. On the downside, the $17,000-$18,000 zone is expected to act as a decent support for the week.

2. Ethereum: Options market data indicates the $1,700-$1,800 zone will be a crucial resistance area for the token this week as shown by open interest build-up in out-of-the-money Call strikes across two platforms. On the downside, the $1,400-$1,450 area provides decent support for the short term.

It is worth noting that open interest data only provides a fair idea about support and resistance levels. Any major news or macro event could lead to a significant movement in the asset prices which in turn could shift the open interest, especially during times like these when crisis prevails.

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