The Bitcoin price could experience significant downside volatility unless it manages to recover above $60,000 before the options expire on Aug. 16.
The upcoming crypto options expiry is threatening to add a significant amount of Bitcoin sell pressure that could take the price below another key support level.
Over $1.4 billion worth of Bitcoin (BTC) options are set to expire on Aug. 16 at 8:00 am UTC, according to Deribit. This sets Bitcoin’s “max pain point” to $60,000, which indicates the price at which most options contracts would expire worthless.
However, according to Cointelegraph data, Bitcoin fell over 3.6% during the past 24 hours to trade at $58,101 as of 8:35 am.
