Bitcoin Remains Range-Bound Before Critical Options Expiry
Bitcoin is holding firm above the $107,000 level as the market braces for a massive options expiry on Friday, June 28. As of the latest data, BTC is trading around $107,500, reflecting a modest 0.2% dip in the past 24 hours. Despite the slight decline, the price has maintained stability in a tight range throughout U.S. trading hours.
Key Options Expiry Looms With $102K Max Pain Point
Market participants are closely watching the upcoming quarterly BTC options expiry on Deribit, one of the largest of the year. Roughly 38% of BTC options contracts are set to expire, representing $40 billion in open interest. The max pain price is set at $102,000, suggesting where most traders would experience losses — a level that often influences price action near expiry.
The put-call ratio stands at 0.73, indicating more calls than puts, but not enough to show a clear market bias. Additionally, Bitcoin’s implied volatility (DVOL) has fallen from 50% in April to 38%, signaling reduced expectations of major short-term moves.
Technical Outlook: $105K Is a Pivotal Level
Analysts suggest that $105,000 serves as a crucial support level. A drop below this could trigger increased caution among traders. With low open interest in perpetual futures and depressed implied volatility, the market currently expects limited price swings going into the expiry. The lack of strong positioning in either direction further reflects uncertainty in short-term momentum.
Crypto Stocks React as Core Scientific Surges
While Bitcoin holds steady, several crypto-related stocks posted notable gains:
- Core Scientific (CORZ) surged 33% following rumors of a potential acquisition by AI hyperscaler CoreWeave (CRWV).
- Other blockchain-focused firms like Coinbase (COIN), Circle (CRCL), Riot Platforms (RIOT), and Hut 8 (HUT) gained between 5% and 7%.
- MicroStrategy (MSTR), however, bucked the trend with a 1% decline.
Conclusion
The crypto market enters Friday’s expiry with cautious optimism, as Bitcoin’s stability above $107K suggests confidence amid looming volatility. However, traders remain wary of key support levels and the potential for movement around the $102K max pain zone. With technical and derivatives data signaling neutrality, the next 24 hours could prove critical for short-term market direction.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.