Bitcoin: 21,000 Options Expire With $1.6B Notional

Bitcoin options data released May 22 shows 21,000 contracts expired with a 0.66 put-call ratio and $1.6 billion notional value while 129,000 ETH contracts settled at a 0.92 ratio for $280 million notional.

Bitcoin ended its one-and-a-half-month rally yet support held firm amid subdued volume and low investor interest, with less than 5 percent of open interest expiring this week. Maximum pain sat near spot, amplifying the gamma pin into settlement.

Price action on the 4h chart reveals BTC trading inside the Bollinger Bands at $77,550.23 with the upper band resistance at $78,200.86 acting as immediate ceiling while the 50-EMA at $78,083.30 supplies the first layer of resistance above current levels. The 200-EMA at $77,391.03 offers deeper structural support beneath price. RSI at 49.02 remains neutral, removing overbought pressure, yet the MACD golden cross at -75.27 signals building bullish momentum that could drive a test of the upper band before any retracement toward the 50-EMA confluence zone.