According to options analyst Adam@Greeks.live (@BTC__options), the crypto options market experienced its weekly settlement on March 20: 23,000 BTC options expired with a Put/Call Ratio of 0.88, a maximum pain point at $70,000, and a notional value of $1.6 billion; 176,000 ETH options expired with a Put/Call Ratio of 1.04, a maximum pain point at $2,150, and a notional value of $370 million. This round of the crypto market rally has ended, with Bitcoin briefly falling below the $70,000 psychological level. Based on options open interest distribution, $75,000 is the absolute resistance level for next week’s quarterly expiry, with strong support zones at $65K, $62K, and $60K. Current implied volatility (IV) for major BTC maturities remains around 50%, while ETH stands at approximately 70%. Declining realized volatility (RV) has pushed the Volatility Risk Premium (VRP) higher. The overall market remains in a bearish regime, with bullish sentiment fragile and Bitcoin trading activity still at extremely low levels.
BTC maximum pain at $70,000 as market reverts to bearish trend
TechFlowShare
Summary
The BTC market update reveals a bearish trend as Bitcoin fell below $70,000 on March 20, 2026, coinciding with the maximum pain point at that level. Over 23,000 BTC options expired with a put-call ratio of 0.88 and a notional value of $1.6 billion. The $75,000 level now serves as key resistance ahead of the next expiry, while $65K, $62K, and $60K act as support levels. Implied volatility remains elevated, and trading activity is at an extreme low.
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