A total of 22,000 Bitcoin option contracts expired on March 21 with a notional value of $1.83B.
The put/call ratio was 0.84, which means there were more call buyers than put option buyers, suggesting a short-term bullish sentiment.
The maximum pain was around $85K, while $BTC is currently trading around $84,300.
Max pain, for those unaware, is the level where option sellers experience the least losses. This also suggests a small upward move.
However, the larger picture for Bitcoin is more or less sideways. The short-term Implied Volatility (IV) has fallen below 50%.
This implies that market participants aren’t expecting large price moves on either side, and the price may stabilize around the $85K mark for a while.
However, as we’ll highlight below, there are several reasons to be bullish on $BTC, which also makes this the perfect time to invest in the best crypto presales.
