Coinspeaker
21,000 Bitcoin Options Set to Expire Today, Can BTC Price Hold $70,000?

Throughout this week, the world’s largest cryptocurrency Bitcoin (BTC) has shown strong volatility as we stare at Friday’s Bitcoin options expiry. As of press time, the BTC price is trading 6% up on the weekly chart at $70,922 with a market cap of $1.4 trillion.

As per data from Greeks.live, a staggering 21,000 Bitcoin options are set to expire having a notional value of $1.5 billion and a put call ratio of 0.62. The max pain point for the expiry currently stands at $69,000.

With the US CPI data and inflation coming higher than expected, Bitcoin and the broader cryptocurrency market have experienced stronger volatility. On the other hand, the implied volatility has declined which means that in the case of volatile price movements, the BTC price can tank further under $70,000.

Furthermore, the Greeks.live data shows that the sell calls have dominated the Bitcoin trade over the past month and the optimism around Bitcoin halving seems to be waning. Also, with the slowdown in the Bitcoin ETF inflows, BTC lacks enough impetus to continue with its...