Bitcoin: 31,000 BTC Options Expire at $61K Max Pain

Bitcoin saw 31,000 options expire July 3 with a 0.7 put-call ratio and $61,000 max pain point worth $1.9 billion notional, while 135,000 ETH contracts settled at $1,650 max pain for $230 million.

MicroStrategy and ETF selling has flipped the largest prior buyers into net sellers, confirming the long-term downtrend remains intact despite BTC reclaiming the 60K level this week.

Price action at $61735.85 sits above the EMA50 support at $60661.91 yet below the EMA200 resistance at $64871.7, with MACD golden cross still positive at 431.25 and RSI neutral at 61.38; the market trades inside Bollinger bands between $57701.32 and $62421.26, suggesting any push toward upper-band resistance at $62421.26 likely meets selling before a measured retracement to the 50-EMA confluence zone.