Key Bitcoin (BTC) Options Data to Watch Ahead of Friday’s Expiry
The Bitcoin price lost the crucial support of $27,000 earlier this week with BTC now oscillating around $26,700 levels. Traders shall be closely watching for any kind of volatility ahead of the Friday’s expiry.
A Look At Bitcoin Options Data
Approximately 24,000 BTC options are nearing their expiration, presenting a Put Call Ratio of 1.23, a maximum pain point at $27,000, and a notional value totaling $640 million. Alongside this, around 190,000 ETH options are also on the verge of expiration, boasting a Put Call Ratio of 0.71, a maximum pain level of $1,600, and a notional value of $290 million.
Bitcoin (BTC) remains the dominant player, with a remarkable 70% surge in weekly positions for BTC options. Notably, BTC Put positions comprise 60% of the total, an unusual occurrence, reports Greek Live. Conversely, Ethereum (ETH) seems to be in a slower lane, lagging behind.
Despite the volatility, implied volatilities (IVs) across various major terms have hit all-time lows, showing no clear signs of an imminent rebound. Moreover, liquidity has been dwindling lately, pointing toward a significant market event on the horizon.
Investors need to be cautious as the increasing volume of outstanding Bitcoin futures and options contracts could be contributing to the cryptocurrency’s sluggish performance this October. When Bitcoin’s open interest reaches or exceeds $7 billion, it typically indicates heightened greed among investors. Currently, it stands at $6.19 billion.
Bitcoin Price Action Ahead
Bitcoin remains range-bound, fluctuating between $25,000 and $32,000, with challenges to break through either support or resistance levels. On the daily chart, Bitcoin’s price struggles to surpass the 200-day simple moving average.
It’s currently testing the 50-day simple moving average, which aligns with a significant level of around $26,500. Below this point, a cluster of previous highs and lows provides support down to $25,000, limiting further potential for a sell-off. To initiate a rally towards the $32,000 resistance, Bitcoin must convincingly breach the 200-day simple moving average situated at $28,000.
Some market analysts also believe that the Bitcoin price could retrace to $20,000, before kicking off its next bull run around or after the Bitcoin halving 2024. However, the developments and progress around the Bitcoin ETF could contain this price fall.
At this very same point in the cycle (less than 190 days before the Halving)… #BTC retraced -25% in 2015
And retraced -38% in 2019
Something to really think about$BTC #Crypto #Bitcoin pic.twitter.com/iDloPVp8j7
— Rekt Capital (@rektcapital) October 12, 2023
- Breaking: Crypto Market Crashes as Trump Imposes 100% Tariff on China
- ASTER Airdrop Delayed to October 20 Amid Criticisms Over Token Allocations
- U.S. Inflation Data: BLS to Release CPI Report on October 24 Amid Government Shutdown
- Bank of America, Citigroup and Goldman Sachs Explore Issuing Stablecoins Pegged to G7 Currencies
- Breaking: Bitcoin Falls After Trump Threatens ‘Massive’ Increase in Tariffs on China
- Can $TAPZI Reach $1 In Q1 2026?
- Here’s Why XRP Price May Have a Zcash-Like Surge
- $TAPZI Price Prediction: What’s Ahead of the $TAPZI token Presale?
- Cardano Price Targets $2 as Hydra 1.0 Ignites New Era of Speed and Adoption
- Dogecoin Price Prediction as $23M Leaves Exchanges—Is the Parabolic Phase Beginning?
- Pi Network Price Collapses as Analyst Proposes Turnaround Tweaks
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
