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Approximately 22,000 BTC options are nearing expiration, with a 1.00 Put-Call Ratio containing options with a maximum pain point at $26,500 and a total instant value of $590 million.
On-chain data provider Santiment explains that the number of wallets holding less than 100 BTC has reached record levels, making up 41.1% of the current supply.
On the BTC/USD hourly chart, a significant rising trendline around $26,800 has been broken. The pair retested the $26,350 support area and is consolidating losses.
While Bitcoin whales continue to reduce their holdings, retail investors have increased their BTC holdings. Is Bitcoin ready for an upward move?
Critical Bitcoin Options Expiring
Bitcoin lost the value it gained earlier in the week and is currently trading around $26,620 at the time of writing. Bitcoin option data indicates an increase in total put options as we approach the expiration on Friday.
According to data from Greeks.live, approximately 22,000 BTC options are nearing expiration, with a 1.00 Put-Call Ratio containing options with a maximum pain point at $26,500 and a total instant value of $590 million.
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This week has seen a notable increase in put positions due to worsening market liquidity conditions, likely caused by more investors actively buying put options.
BTC Options
On the other hand, on-chain data shows that Bitcoin whale ownership is at its lowest levels since May 2023. However, it is observed that retail players have made significant purchases during each dip. Additionally, the latest reports suggest that Bitcoin traders have aggressively taken short positions.
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On-chain data provider Santiment explains that the number of wallets holding less than 100 BTC has reached record levels, making up 41.1% of the current supply. On the other hand, wallets holding between 100 and 100K BTC now make up 55.5% of the supply and are recorded as the lowest ownership levels since May.
Bitcoin whales
Bitcoin Price Support Levels
After failing to surpass the $27,500 resistance, Bitcoin initiated a downward correction. BTC fell below critical support levels at $27,000 and $26,800, entering a bearish phase.
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Additionally, on the BTC/USD hourly chart, a significant rising trendline around $26,800 was broken. The pair retested the $26,350 support area and is consolidating losses. Currently, it is trading near the 23.6% Fibonacci retracement level of the recent drop from the $27,494 high to $26,358 low.
Bitcoin is currently trading below both $27,000 and the hourly 100 Simple Moving Average (SMA). Immediate resistance is around $26,800. The first major resistance area includes $27,000, a descending bearish trendline, and the 50% Fibonacci retracement level of the drop from the $27,494 high to $26,358 low.
The next critical resistance level could be around $27,050. Breaking above this level could potentially push the price towards the $27,500 resistance. Further steps may carry the price towards $28,800 in the coming days.
