Bitcoin $BTC has already fallen below multiple short-term key support levels at the $77,215 price. Bearish momentum currently has a clear advantage.
#BTC surged up and then reversed lower; option expiration amplifies the key battleground.
First test: $76,000 - $76,888. The screenshot’s 24-hour low at $76,888 is the first immediate line of defense. If the body breaks below it, it will confirm that short-term downside room is opening.
Second line of defense: $75,000. This is an extremely important psychological level and structural support. Meanwhile, a large concentration of open options contracts is clustered here, so the struggle between bulls and bears is likely to be intense.
Mid-term key level: $70,000. This is near the “maximum pain point” in the options market report. If macro conditions continue to worsen and trigger panic selling, this is the long-term trendline that bulls must hold.
Special reminder: the current decline is not just a technical move. Today (August 29) is a double-risk day—Bitcoin options with a value of $6.44 billion reach settlement, coinciding with a hawkish speech by Fed Chair Waller. The market makers’ hedging operations, combined with macro policy shocks, could amplify short-term volatility around the expiration window, leading to wick spikes or sudden surges and sharp drops.
In summary, under the dual pressure of technical and news factors, $75,000 is the most critical observation point in the near term. If it breaks, $70,000 will come into view. The current RSI indicator has already entered the oversold region—there may be a short-term technical rebound. However, until the bad news is fully cleared, whether the rebound can be sustained is questionable, so it’s not advisable to blindly buy the dip.
#BTC surged up and then reversed lower; option expiration amplifies the key battleground.
First test: $76,000 - $76,888. The screenshot’s 24-hour low at $76,888 is the first immediate line of defense. If the body breaks below it, it will confirm that short-term downside room is opening.
Second line of defense: $75,000. This is an extremely important psychological level and structural support. Meanwhile, a large concentration of open options contracts is clustered here, so the struggle between bulls and bears is likely to be intense.
Mid-term key level: $70,000. This is near the “maximum pain point” in the options market report. If macro conditions continue to worsen and trigger panic selling, this is the long-term trendline that bulls must hold.
Special reminder: the current decline is not just a technical move. Today (August 29) is a double-risk day—Bitcoin options with a value of $6.44 billion reach settlement, coinciding with a hawkish speech by Fed Chair Waller. The market makers’ hedging operations, combined with macro policy shocks, could amplify short-term volatility around the expiration window, leading to wick spikes or sudden surges and sharp drops.
In summary, under the dual pressure of technical and news factors, $75,000 is the most critical observation point in the near term. If it breaks, $70,000 will come into view. The current RSI indicator has already entered the oversold region—there may be a short-term technical rebound. However, until the bad news is fully cleared, whether the rebound can be sustained is questionable, so it’s not advisable to blindly buy the dip.
