Analysts: BTC price to normalize after major options expiry

Bitcoin continues to see sustained buying pressure despite short-term corrections and is still trading above key support levels, according to an analysis by Negentropic, an X account managed by Glassnode co-founders Jan Happel and Yann Allemann. The analysis noted that the most significant change has been the resolution of a derivatives overhang. With the expiry of approximately $23.6 billion in BTC and ETH options today, a structural price cap resulting from hedging demand that had pressured the market for weeks has been lifted. The account added that previous attempts at a rally were consistently thwarted by these structural flows. Following this event, Bitcoin's price is now expected to move more naturally in line with supply and demand.