Bitcoin Crash: $79K Drop After Huge Options Expiry – Market Shaken!

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<a href="https://jpyeur.com/btc-usd/">Bitcoin</a> Dips to $79,000 After SMA200 and Options Expiry Collide

Key Takeaways

  • BTC at $79,234, down 2.29% on the day, session high $81,664
  • SMA200 at $81,957: session high stopped $293 below this level
  • Deribit BTC max pain: $80,000. Put/Call ratio: 0.55. Notional: $2.01B
  • RSI at 52.62, signal at 62.47: spread of 9.85 points, momentum broken
  • Options expired at 08:00 UTC today: $2.63B total across BTC and ETH

Where the rally stopped and why

Bitcoin started the day at $81,090 and briefly rose to $81,664. However, it then fell back down to $79,000, resulting in a 2.29% decrease for the day. The initial price increase was likely sparked by the Senate Banking Committee vote on the Clarity Act, while the $81,664 level, near the 200-day Simple Moving Average, seemed to act as a resistance point.

During the recent rally spurred by the Clarity Act, we saw the price peak at $81,664. Interestingly, this high was just $292 below the 200-day Simple Moving Average (SMA200) at $81,957. It felt significant that the rally stalled so close – within $300 – of this key moving average, especially since the SMA200 has acted as a consistent resistance level for months. It suggests a deliberate reaction to that level. As the price approached the SMA200, we observed short-term traders taking profits, which drove the price back down through the opening level and toward the day’s low of $78,659.

What the options expiry added to the session

Deribit reported that $2.63 billion worth of cryptocurrency options expired today at 8:00 UTC. Bitcoin options made up the majority at $2.01 billion, with a put/call ratio of 0.55 and an expected maximum pain point of $80,000. Ethereum options totaled $625 million, with a put/call ratio of 0.39 and a maximum pain point of $2,300.

Just a heads up: crypto options worth over $2.63 billion will expire on Deribit tomorrow at 8:00 UTC.

As a researcher, I’ve been analyzing options data for Bitcoin and Ethereum. Currently, Bitcoin has a notional value of $2.01 billion, with a put/call ratio of 0.55 and a max pain point around $80,000. For Ethereum, the notional value is $625 million, the put/call ratio is 0.39, and the max pain point sits at $2,300.

Compared to last week, expiry…

— Deribit (@DeribitOfficial)

As an analyst, I’m watching Deribit’s BTC options expiry closely. The ‘max pain’ level – the price where option sellers feel the most pain – is currently $80,000, which is a bit below the current price of around $79,234. Interestingly, we saw a significant swing today; the price initially shot *above* max pain by $1,664, then fell *below* it by $765. This means the entire day’s trading range has been defined around that $80,000 level. Looking at the put/call ratio – 0.55 – it’s clear traders were heavily biased towards calls, likely fueled by the recent Clarity Act news. Now that those call options are expiring at 08:00 UTC, that support is gone, and the price is now being determined purely by spot market forces.

What the RSI says about the day’s move

The Relative Strength Index (RSI) currently sits at 52.62, slightly below its signal line at 62.47. This pattern, occurring on a day the market dropped 2.29%, suggests a normal correction rather than a sudden sell-off. The signal line shows a strong upward trend throughout April and May, and while the RSI has fallen sharply, it hasn’t yet broken below that trend. Because the RSI remains above 50, overall momentum is still slightly positive. Unless the RSI drops below 50, this is likely a temporary correction and not a sign of a major trend reversal.

If the price stays above $81,957 each day and the Relative Strength Index (RSI) rises above 62.47 within the next three days, it will suggest that the recent test of the 200-day Simple Moving Average (SMA) was successful. This would also indicate that the Clarity Act news could lead to further price increases.

If the price doesn’t recover above $80,000 within the next three days, and the RSI remains below 62.47, it suggests that recent selling pressure has stalled any upward progress. This means the price is unlikely to reach the 200-day Simple Moving Average anytime soon unless a new positive factor emerges to drive it higher.

This article is for informational purposes only and shouldn’t be considered financial, investment, or trading advice. Coindoo.com doesn’t support or suggest any particular investment or cryptocurrency. Always do your own research and talk to a qualified financial advisor before investing.

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2026-05-15 17:52