Bitcoin hovers in the mid-$80,000 range, with the largest options expiration approaching

Source: DecenterKorea Original Title: Bitcoin remains in the mid-80,000 dollar range without Santa rally at year-end, pressure from largest options expiry [Decenter Market Report] Original Link: https://www.decenter.kr/NewsView/2H1VOIC7YM/GZ03

Bitcoin(BTC) continues to hover in the mid-80,000 dollar range without a Santa rally at the end of the year. The decline in liquidity during the holiday season, combined with the upcoming large-scale BTC options expiry, is leading to a more cautious market sentiment.

According to CoinMarketCap, a global cryptocurrency market data site, as of 8:31 a.m. on the 26th, BTC was trading at $87,301.87, down 0.29% from 24 hours earlier. Ethereum(ETH) was down 0.64% at $2,914.46. XRP(XRP) fell 0.91% to $1.84, and Solana(SOL) declined 1.03% to $121.51.

The domestic market shows a similar trend. On local cryptocurrency exchanges, BTC fell 0.45% from the previous day to 128,458,000 KRW. ETH is trading at 4,282,000 KRW, down 0.79%, and XRP is at 2,701 KRW, down 1.82%.

Earlier, the New York Stock Exchange experienced a Santa rally on the 24th, with all three major indices rising simultaneously, but the cryptocurrency market has struggled to rebound. Additionally, concerns are rising that the expiry of 300,000 BTC options scheduled for the 26th(local time) could increase downside risk. The scale of BTC options nearing expiry is approximately $23 billion(about 34 trillion KRW). With record-high levels of large buy or sell orders, price volatility could increase.

Market sentiment for cryptocurrencies remains in a state of ‘extreme fear.’ According to Alternative.me, a cryptocurrency data analysis firm, the Fear & Greed Index stands at 23 points. The index indicates that closer to 0 reflects a depressed investor sentiment, while closer to 100 signals market overheat.

Despite this market uncertainty, some experts maintain a positive long-term outlook. The CEO of Strategy, known as the largest Bitcoin holder company in the world, expressed optimism that BTC prices will rise next year.

According to digital asset media, Strategy’s CEO stated, “The potential shift to monetary easing in the U.S. could reduce risk asset pressure and create a favorable environment for Bitcoin.” The Federal Reserve indicated on the 10th(local time) that there might be a ‘single rate cut’(a 0.25 percentage point reduction) in the outlook for next year’s interest rates.

A founder of a blockchain company also shared on social media, “Most investors who regret reaching an all-time high in Bitcoin are those who couldn’t enter during periods of extreme fear,” adding, “Current levels could be an opportunity for long-term investors.”