Key Bitcoin options data to watch before expiry this week...

Bitcoin price lost key support at $27,000 earlier this week, and BTC is currently oscillating around $26,700 levels. Investors will be closely watching for any volatility ahead of Friday's expiration.

A look at Bitcoin options data
Approximately 24,000 BTC options are about to expire and offer a Put-to-Ask Ratio of 1.23, a maximum threshold of $27,000, and a face value of $640 million. On top of that, around 190,000 ETH options are on the verge of expiring with a Put-to-Call Ratio of 0.71, a maximum threshold level of $1,600, and a face value of $290 million.

Bitcoin (BTC) remains the dominant player for BTC options, with a notable 70% increase in weekly positions. According to Greek Live, BTC Put positions account for 60% of the total, which is unusual. In contrast, Ethereum (ETH) seems to be moving in a slower lane and lagging behind.

Despite the volatility, implied volatilities (IVs) across various major maturities have reached all-time lows and show no clear signs of an imminent recovery. What's more, liquidity has been declining lately, indicating a significant market event on the horizon.

Traders need to be cautious as the growing volume of Bitcoin futures and options contracts could contribute to the coin's sluggish performance this October. When Bitcoin's open interest reaches or exceeds $7 billion, it usually indicates increased greed among investors. Currently, this figure stands at $ 6,19 billion.

Bitcoin price movements ahead
Bitcoin continues to fluctuate between $25,000 and $32,000, struggling to break through support or resistance levels. On the daily chart, BTC's price is struggling to break through the 200-day simple moving average.

It is currently testing the 50-day simple moving average, which aligns with a key level of around $26,500. Below this point, a cluster of previous highs and lows provides support up to $25,000, limiting the potential for further selling. BTC needs to convincingly break through the 200-day simple moving average at $28,000 to start a rally towards the $32,000 resistance.

Some market analysts also believe that the BTC price could fall as low as $20,000 before Bitcoin's halving begins its next bull run around 2024 or later. However, the developments and progress around the BTC ETF could contain this price decline

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