Following a massive options expiration, the market has yet to escape the "door-shaped" trading pattern, with Bitcoin falling back to $87,000 to seek s...
TL;DR
Despite a historic $28 billion crypto options expiration, Bitcoin remains stuck in a volatile 'hall-in-the-door' pattern, dropping to $87,000 for key support. Analysts note this level is crucial for determining future market direction.
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[Market Still Trapped in "Hall-in-the-Door" Pattern After Massive Options Settlement; Bitcoin Falls Back to $87,000 for Support] Mars Finance reports that December 27th was the annual options settlement day, also the largest cryptocurrency options expiration date in history, with a total notional value of approximately $28 billion. Although most analysts and historical data indicate that market volatility will significantly increase after such a massive options settlement, the market has not yet escaped its volatile "hall-in-the-door" pattern, possibly due to the holiday. According to market information, Bitcoin fell from $89,000 last night, briefly dipping below $87,000 before rebounding to trade sideways above $87,000, currently priced at $87,405. Analyst Murphy states that $87,000 represents a significant short-term trading volume for Bitcoin and is currently the strongest support level in terms of price structure. As long as the massive volume provides effective support, the direction will become clearer.