Opinion: $70,000 Serves as the Key Watershed for the Current Bitcoin Options Market

Odaily Planet Daily News: Adam, a macro researcher at Greeks.live, posted on platform X stating that today the Deribit BTC index hit a low of $70,992, with the price approaching the critical $70,000 mark. This level is not only a psychological threshold but also a dense area for options open interest.

Options data shows that the near-end ATM IV is around 30%. Volatility has not shown extreme panic-driven increases. The market is currently not pricing in a one-way decline but appears to be awaiting a directional choice. Before last month's expiration, $72,000 was a GEX concentration zone; after expiration, the $70,000 strike price became the GEX concentration zone, with open interest clearly aggregated. Put options below this level are notably more expensive, with Skew trending downward. The market is paying a higher premium for downside tail risk. The call option wall above is concentrated at $80,000, $90,000, and $100,000. Long-dated call open interest remains substantial, indicating that the medium- to long-term bullish structure is still intact. However, in the short term, the $70,000 level must be defended first. If $70,000 holds effectively, we may see a decline in short-term IV and spot price recovery. Conversely, if the price breaks down with high volume, demand for protective puts could push up short-end IV, and the price may continue to test the $68,000 to $65,000 range.