Daily News || Bitcoin Faces Options Expiry Volatility — Eyes Still on $120k
Quad Witching adds noise, but BTC remains technically strong; ETH still lagging
🪙 Market Overview
Bitcoin tested $118k yesterday but eased back as traders braced for today’s Quad Witching event—the quarterly simultaneous expiry of multiple derivatives contracts. Historically, these sessions often spark outsized volatility, with next week sometimes seeing the “true” directional move.
Adding fuel, record options expiries loom: $18B in BTC and $5B in ETH contracts next Friday, the largest ever. For today, options “max pain” sits near $115k for bulls and $120k for bears.
🔗 Macro & Correlation
Stocks link: BTC mirrored tech stocks’ rally yesterday, moving in sync with the Nasdaq, which surged on Nvidia/Intel strength.
Concern: Both S&P500 and Nasdaq just printed ATHs into Quad Witching, a setup that has often preceded reversals.
Contrarian angle: If everyone expects a correction, a surprise green day could trap shorts instead.
📊 Options & Dealer Flow
ETH Gamma exposure: Dealers short gamma = amplified downside risk. ETH continues to stall under $4,650.
BTC Gamma setup: Dealers hedging downside, leaving upside exposure open—creating conditions where BTC moves can extend higher.
Liquidation zones: Near-term map shows clusters at $116.1k–$118.9k, meaning volatility inside this band could trigger squeezes.
🔎 Technicals
BTC: Charts still point to a move toward $120k, in line with the Wyckoff re-accumulation roadmap.
Must hold $117k+ closes to keep the bull case intact.
A break below $117k risks a slide back to $115k.
Demark signals: Flashing potential for a large up day if yesterday’s positive close carries momentum.
ETH: Needs a decisive breakout above $4,650 to join BTC’s momentum; until then, lagging.
🚀 Big Picture
The market remains in a strong uptrend, with options-driven volatility the main short-term hurdle. Biyond Atlas continues to lean bullish, albeit slower than last week.
Today’s session could either be a statement breakout above $120k or a shake-out that briefly tests $115k. Either way, the broader cycle trend remains intact.
🎯 Strategy Snapshot
Short-term: Long from $115k, targeting $120k–$140k. Watch $117k daily close as key pivot.
Medium-term: Still eyeing $150k, though failure to hold $115k delays timeline into October.
Long-term: Cycle potential remains $230k; $72k remains structural downside guardrail.