Bitcoin price surges above two-month high ahead of $2.54B options expiry
Bitcoin holds gains near $96,800
Bitcoin’s price action is taking a breather near $96,800 on Friday, May 2, following a decisive technical breakout earlier this week that surged past resistance at $95,850, thus ending a six-day consolidation. Following the breakout, trading volume increased, confirming conviction behind the move. This advance has pushed weekly gains to nearly 3%.
But beneath the surface, market positioning reveals an added layer of significance. Today, around 27,000 Bitcoin options contracts, worth roughly $2.54 billion are set to expire. The put/call ratio stands evenly at 1, suggesting balanced bets, but the max pain point at $90,000 means most losses cluster below current price levels. That gives BTC some breathing room above, particularly with open interest heavily concentrated at the $100,000 strike, worth $1.5 billion in notional value. It's a clear sign that traders are tilting bullish.
BTC price dynamics (April - May 2025). Source: TradingView
Yet, short-term momentum shows signs of strain. The 4-hour RSI remains in bullish territory near 60, indicating persistent demand, but the daily RSI is now breaching overbought territory around 70, a cautionary signal that price may cool before taking on new highs.
Bitcoin traders eye $100K level as expiry clears and bullish structure holds
As of today’s European session, BTC trades just 3.3% below the key psychological milestone of $100K. However, no significant directional move has materialised in today’s sessions, given that price action stalled through the Asian session. Still, cascading support now lies firmly between $95,850 and $96,500. These were former resistance levels that now provide a reliable cushion for any short-term pullback.
Looking ahead, while options expiry could inject volatility, the broader structure leans bullish. A retest of $100K looks plausible, though traders should watch closely for signs of RSI exhaustion or volume divergence before positioning for the next leg.
Bitcoin ended April with a 14% gain but remained stuck in a tight 1% range near March’s high. Rising volume signaled growing accumulation despite limited price movement.
