Today (March 27) is the largest options expiry day in Q1, with nearly 40% of BTC options contracts on Deribit expiring, amounting to about 15 billion USD.
The biggest pain point is still at 75,000 USD, but the current price is still some distance from this range, with a Put/Call Ratio of 0.6 indicating a bullish bias in options. Special attention needs to be paid to the risk of a sharp drop in implied volatility before and after the expiry — buying short-term options at high levels can lead to "being right on direction but still losing money."
The long-short game will intensify, with the 69K-71K range awaiting a directional choice. Large holders have already started rolling their options to June/September, and the layout of bullish options still reflects expectations for the second half of the year.
It is recommended to watch more and act less before the expiry, and not to get washed out by spikes in either direction. If you currently have no direction, it might be better to align with this rhythm and plan ahead rather than making random bets.