Deribit Data: $2.786 billion Bitcoin and Ethereum options expire today, with $75,000 as a key resistance level.
According to the latest data from Deribit, 34,400 Bitcoin options expire today, with a put/call ratio of 1.71, and a maximum pain point at $70,000, with a notional value of approximately $2.417 billion.
On the same day, the Ethereum options expiring reached 173,900, with a put/call ratio of 1.49, a maximum pain point of $2,100, and a notional value of $369 million. The combined notional value of both is $2.786 billion.
Analysts believe that as Bitcoin briefly fell below the $70,000 mark, the current rebound in the crypto market has been declared over. In the previous week, the market generally focused on the $75,000 key resistance level, as this price concentrated 5% of the options open interest at the end of the month.
However, as of now, Bitcoin has still not broken through this key resistance level, and the current price has also retreated to around $70,000.
Meanwhile, next Friday will welcome the quarterly settlement. From the options market data, $75,000 is the price with the most concentrated open interest, becoming an absolute resistance level. The lower levels of $65,000, $62,000, and $60,000 are all areas of dense open interest and can also be viewed as critical support levels during the downtrend.
Based on the current options market data, $75,000 has become an important resistance level for Bitcoin. If it is difficult to break through in the short term, the market is likely to continue to fluctuate within the $65,000-$70,000 range.
Do you think Bitcoin will break through this key position before the quarterly settlement? Or will it further test the support level? Leave your thoughts and predictions in the comments.
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