Foreign media, citing analysis from DeFi strategist Penguin X, stated that Bitcoin’s recent trading range between $85,000 and $88,000 is not merely sideways movement, but is being constrained by concentrated positions in the options market. As the large options expiration on September 25 approaches, this current range may shift.
$85,000 is the price level with the highest buy order density
The article states that $85,000 is the area with the highest concentration of open interest in the options market. According to its calculations, each 1% decline toward this level triggers approximately $142 million in buy orders, equivalent to about 1,650 bitcoins, providing support to the current price.
However, this support is not absolutely solid. If the price truly breaks below $85,000, an additional $58 million in positions will shift to the downside, potentially turning the original support level into a catalyst for accelerated declines.
Selling pressure concentrated at $88,000 and $90,000
Above the current price, $88,000 and $90,000 are two key resistance levels. Analysis shows that around $88,000, there are approximately $103 million in sell-side positions, increasing to about $123 million near $90,000.
- Approximately $103 million in sell orders near $88,000
- Approximately $123 million in sell orders near $90,000
- The next significant sell pressure appears at $95,000.
If the price holds above $90,000, the next significant selling pressure is expected around $95,000. This suggests that, once the key overhead positions are absorbed, resistance in the intermediate range may be relatively limited.
Support weakens below $84,000
The article also noted that buy orders near $84,000 and $83,000 were significantly weaker, with corresponding support levels of approximately $57 million and $37 million, respectively, below the support strength near $85,000.
Foreign media attribute the key reason for this consolidation phase to the major options contracts expiring on September 25, with the highest open interest concentrated around $85,000 and $90,000. Once expiration is complete, the positioning pressure currently constraining prices may ease. If the price breaks above $88,000 after expiration, the only significant selling pressure above lies at $90,000; if $85,000 is breached first, support near $84,000 is weak, and the gap below $80,000 will once again become a focal point for the market.