Bitcoin price entered Friday under pressure as $2.1 billion in options contracts approach expiry.
Summary
- A large Bitcoin options expiry is approaching with limited upside support.
- Most call positions sit far above current prices, reducing hedging demand.
- Traders are watching whether $60K can hold after the contracts settle.
Bitcoin is facing another key test as a large batch of derivatives contracts reaches maturity. Bitcoin options worth about $2.1 billion are set to expire at 8:00 a.m. UTC on Feb. 6, according to data from Deribit.
About 34,000 contracts are covered by the expiry, which comes at a time when market sentiment is still shaky. Call options still outnumber puts, as shown by the put-to-call ratio, which is close to 0.60.
This implies that a large number of traders had positioned themselves for higher Bitcoin (BTC) prices in earlier weeks. The so-called max pain level, where most option buyers would lose money, sits around $80,000. That level is well above current market prices.
Ethereum (ETH) options worth about $390 million are also expiring alongside BTC options. These contracts have a put-to-call ratio of 1.01 and a max pain level near $2,450.
Bitcoin has struggled to regain its footing after dropping to an intraday low of $60,286, later stabilizing in a narrow $63,000–$65,000 range. Due to a mix of forced liquidations and widespread rotation from risk assets, the cryptocurrency is now nearly 50% below its 2025 high of above $126,000.
How Bitcoin options expiry could affect price
While many put options are already profitable, the majority of call options are far out of the money with max pain close to $80,000.This setup limits the usual pull toward the max pain level that sometimes appears around major expiries.
In simple terms, dealers and large traders have little incentive to push prices higher to protect call positions. At the same time, there is limited pressure to buy Bitcoin for hedging purposes. As a result, price action after the expiry may stay soft and follow the existing trend.
If selling pressure continues, the market could drift back toward nearby support levels rather than stage a strong rebound.
Analysts are watching the $60,000 area closely. This zone has acted as short-term support during recent sell-offs. A sustained break below it could deepen losses, while a firm hold may allow for a temporary bounce.
Bitcoin price technical analysis
Bitcoin has clearly broken below the 100-day moving average, which served as trend support for the majority of 2025. Several recovery attempts failed near $83,000, showing strong selling interest at higher prices.
The price structure has now flipped lower following a range breakdown and a clear lower high. As Bitcoin fell below the lower Bollinger Band, the decline accelerated, suggesting disorderly selling rather than consistent profit-taking.
The weakness is confirmed by momentum indicators. The relative strength index fell below levels observed in previous cycles, approaching 20. No bullish divergence has appeared, and many sessions closed near their lows. This suggests limited interest from dip buyers.
A former support zone around $75,000 failed to hold. With that area broken, attention has shifted to the $60,000 level as the next major psychological support.
If $60,000 holds on a daily close, short-term relief rallies could develop as selling pressure eases. In that case, price may move toward the $70,000 to $75,000 range, where past support has turned into resistance. Without a recovery above the 100-day average near $83,000, such moves would likely stay corrective.
If $60,000 breaks and price settles below it, the market could open the path toward the mid-$50,000 region. Under that scenario, downside momentum would remain intact, and sentiment-driven rebounds may struggle until the overall structure improves.
