The price of Bitcoin dropped close to $70,000 on Friday as traders prepared for a major options expiry event worth more than $2.2 billion.
According to market data, Bitcoin fell about 4.5% during Asian trading hours, hitting an intraday low of around $70,177 before stabilising near $70,400. The drop came after the cryptocurrency failed to break above the key resistance level of $74,000, which it has struggled to pass for more than a month.
Part of the decline also came as traders took profits after a strong rally earlier in the week. Bitcoin had surged more than 15% in just five days, prompting some investors to cash out their gains.
At the same time, broader global tensions added pressure to financial markets. The ongoing conflict between the United States and Iran has pushed energy prices higher and increased uncertainty, leading some investors to move money into traditional safe-haven assets.
However, the main focus for traders today is the massive options expiry on the Deribit exchange. Around 31,500 Bitcoin option contracts, worth about $2.22 billion, are set to expire at 8:00 a.m. UTC.
Data shows the put-to-call ratio is currently around 1.72. This means more traders are betting on Bitcoin’s price going down rather than up. The “maximum pain” level — the price where most options expire worthless — sits near $69,000, which is not far from Bitcoin’s current price.
Historically, prices often move closer to the maximum pain level before options expire. Because of this, some analysts believe Bitcoin could dip toward $69,000 in the short term if selling pressure increases.
Despite the pullback, technical indicators still suggest a slightly bullish outlook. Momentum signals such as the MACD remain positive, and the Relative Strength Index is showing signs of a bullish divergence.
For now, traders are watching two key levels. A move above $72,000 could revive the rally, while a drop below $70,000 may push Bitcoin toward $69,000 — and possibly even lower if the market turns more bearish.
