February 13 News, Bitcoin options worth approximately $2.5 billion are expiring today, sparking heightened market attention on short-term price volatility. As of press time, Bitcoin is trading at $68,280, down 1.1% in the past 24 hours, with a weekly range between $64,760 and $71,450. Over the past 30 days, it has declined by about 30%, nearly halving from the October 2022 all-time high of $126,080.
Spot and derivatives activity are both cooling down. In the past 24 hours, Bitcoin trading volume was approximately $47 billion, down 11% from the previous day. Futures market trading volume dropped to $63 billion, an 18% decrease week-over-week, while open interest fell to $44 billion, indicating that funds are mainly reducing positions rather than entering large new trades.
According to data from a derivatives platform, the current expiring options have a put/call ratio of 0.72, favoring call options, with maximum stop-loss prices concentrated around $74,000. Meanwhile, about $420 million worth of Ethereum options are also expiring during the same period, with a maximum stop-loss at $2,100. Expiration settlements often prompt market makers to adjust hedging positions, which can amplify short-term price swings, sometimes causing the market price to approach key stop-loss levels.
Technical analysis remains under pressure. The daily chart shows continued weakness, with prices below the 50-day and 200-day moving averages. The RSI is near 29, in oversold territory, but no clear reversal signals have appeared yet. Support levels are concentrated around $65,000 to $66,000, followed by the psychological level of $60,000; resistance is seen around $74,000 to $76,000. If the daily price can stabilize above this range, it may help ease downward pressure.
In the context of concentrated option expirations, Bitcoin’s short-term volatility may increase, but a trend reversal still requires stronger volume and structural confirmation.
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