Bitcoin news: BTC faces downside risk as $850M in put options target $70k
BTC attempted a 2% gain during the Asian session
Bitcoin price is trading in a tight range, struggling to break past key resistance levels while remaining under pressure from bearish indicators. With around 35,000 Bitcoin options set to expire on Friday, March 14, the market faces a test of sentiment, particularly as open interest remains high at the $120,000 and $100,000 strike prices.
Bitcoin attempted a 2% gain during the Asian session today, but its momentum stalled in European trading, keeping the price near $82,000. This lack of follow-through reflects broader uncertainty, as the asset remains below its March opening price and continues to trade at a loss for the month. The daily RSI remains in bearish territory, aligning with the overall downtrend.
Bitcoin price dynamics (Dec 2024 - March 2025). Source: TradingView.
EMA death cross and bearish RSI signals Bitcoin bearish outlook
A significant technical event occurred within the past 48 hours. The 50-day and 100-day EMAs formed a death cross near the $90,000 level. This reinforces the bearish outlook, as historical trends suggest that such a crossover often precedes further declines. A sustained break above $90,000 would challenge this bearish structure, but for now, the market remains capped below this level.
Options market data further supports a divided sentiment. While the put/call ratio sits at 0.73, indicating more long positions than shorts, bears have placed nearly $850 million in bets on a move down to $70,000. If Bitcoin breaks below its current range, this could accelerate the decline toward the $70,000 region, adding further weight to the bearish case.
With options expiry approaching and technical resistance limiting upside movement, Bitcoin traders will be watching for any decisive break from the current range. Until then, the broader bearish trend remains intact.
Lower-than-expected inflation data fueled speculation about an earlier Fed rate cut. Bitcoin failed to break above $84,400, facing its third rejection at that level.
