Bitcoin: 84,000 BTC Options Expire Below $75K Max Pain

Bitcoin options expiration delivered 84,000 contracts with a 0.88 put-call ratio and $6.2 billion notional value at the $75,000 max pain strike, while ETH cleared 639,000 contracts at $2,200 max pain for $1.28 billion.

Price action this week drove BTC below both the max pain level and the $75,000 strike before settlement, producing a classic bearish unwind rather than a gamma squeeze.

Price sits at $73,819.3 inside the Bollinger Bands with the upper band at $76,830.89 acting as immediate resistance and the lower band at $72,048.5 as short-term support; the 50-EMA at $75,573.48 and 200-EMA at $76,864.43 remain stacked overhead as concrete resistance, while RSI at 39.1 shows neutral momentum and the MACD golden cross at -777.65 hints at fading downside pressure, suggesting any reclaim of the 50-EMA will require fresh capital inflows before June open interest at 40 percent can stabilize the tape.