Bitcoin traded in a narrow band well above $107,000 on Thursday, as the market braces for a significant options expiry scheduled for Friday on the Deribit exchange. With 38% of BTC options contracts expiring, the maximum pain price is set at $102,000.

Market Overview

The current trading price for Bitcoin is at $107,500, reflecting a slight decline of 0.2% in the last 24 hours. In contrast, the CoinDesk 20 index, which tracks the top 20 cryptocurrencies by market cap (excluding stablecoins), has decreased by 0.9%

Bitcoin Chart

This Friday’s expiry marks one of the year’s largest options events, according to Jean-David Péquignot from Deribit, who noted the BTC options open interest at $40 billion.

“Max pain price for Friday is at $102,000, with a put/call ratio of 0.73,” stated Péquignot.

As for trading conditions, Bitcoin’s implied volatility has dropped from 50% to 38%. This decline signals increasing confidence in Bitcoin’s role as a macro hedge. However, current indicators show that traders lack a clear directional stance for the near term.

Péquignot further indicated that the $105,000 level is crucial, as technical analysis suggests potential risks if support breaks down.

As developments unfold, various crypto stocks see upward movement, notably Core Scientific, which recently surged more than 33% following acquisition interests from CoreWeave.