BTC: Deribit Index Tests $70,000 GEX Cluster

BTC printed a $70,992 low on the Deribit index and now hovers at the $70,000 psychological strike that has become the new GEX cluster after last month’s expiration.

Near-term ATM IV sits at 30% without panic expansion, showing the options market prices a directional breakout rather than a one-sided collapse while put skew remains elevated and the upside call wall clusters at 80k-100k.

On the 4h chart BTC trades inside a bearish structure with price testing the lower Bollinger Band support at $71,591 while the RSI at 21.44 flashes oversold and the MACD death cross at -698.49 confirms trend strength; a bounce from the $71,591 band toward the EMA50 resistance at $74,351 appears the highest-probability near-term path before any sustained move lower to $68,000.