Bitcoin: 29,000 Options Expire at $78K Max Pain

Bitcoin saw 29,000 options expire with a 0.6 put-call ratio, $78,000 max pain point and $2.24 billion notional value; 114,000 ETH options expired at a 1.17 put-call ratio, $2,450 max pain and $280 million notional. BTC continues consolidating around $80,000 after the late-August three-day rally, with monthly realized volatility flat and implied volatility ticking higher as VRP widened across maturities.

Price action on the 4-hour chart shows BTC trading inside the Bollinger Bands at $77,041.99 with the EMA50 at $78,432.76 acting as immediate resistance and the EMA200 at $74,118.37 providing deeper support; the MACD death cross at -581.03 reinforces the bearish structure while RSI at 35.85 leaves room for a test of the lower band near $76,497 before any rebound attempt.