Bitcoin news: BTC price retreats from 6-week high amid $3 billion options expiry
Bitcoin hits 6-week high
Bitcoin’s price journey this week has revolved around the crucial $108,500 pivot level, shaping both technical structure and broader sentiment. Early in the week, Bitcoin encountered strong resistance at $108,500, which triggered a sharp decline toward a nine-day low at $105,200.
• Bitcoin flips $108,500 into support after rallying to a six-week high at $110,530
• Bitcoin down 0.9% today as price retests $108,500 ahead of $3 billion options expiry
• Open interest at higher strikes suggests traders expect upside if $108,500 holds
The story took a different turn midweek. Bitcoin rebounded strongly on solid trading volume and managed to break above the $108,500 barrier. This breakout flipped the weekly outlook from losses to gains and redefined $108,500 from resistance to a support level.
BTC price dynamics (March - July 2025). Source: TradingView
Yesterday, Bitcoin found fresh momentum and pushed to a six-week high at $110,530, surpassing last month’s peak. However, this rally stalled inside a supply zone just below the all-time high at $112,000. This supply zone historically capped June advances, and it has once again restricted early July gains. Breaking past this supply could potentially open a path toward the record high and set the stage for new peaks.
Bitcoin options expiry today with $3 billion notional value
As of today, July 4, Bitcoin is down 0.9% as it retests the $108,500 support zone during the European session. The 20 EMA on the four-hour chart is reinforcing this support level, offering traders a technical cushion that could help stabilize the price.
On the derivatives side, around 27,300 Bitcoin options contracts are set to expire today, holding a notional value of about $3 billion. The put/call ratio stands at 1, indicating that long and short positions are evenly balanced. The max pain point for these contracts is located at $106,000, the level where most traders would incur the largest losses.
Open interest is concentrated at higher strike prices, including $115,000, $120,000, and $140,000, each carrying over $1.5 billion. Meanwhile, interest at lower strike prices has dropped, hinting at a more bullish stance among derivatives traders. This shift suggests that market participants are positioning for a possible upward move in the coming sessions, provided that Bitcoin can defend $108,500 and eventually challenge the supply zone overhead, thus reinforcing the optimism seen among options traders; if not, Bitcoin might fall further to the $106,000 pain point.
M2-driven liquidity boosted sentiment and helped Bitcoin recover. Bitcoin broke above $108,500 and held $109,800, confirming a shift to strength.
