Bitcoin options with a notional value of $2.1 billion are set to expire at 8:00 a.m. UTC on Feb. 6, covering about 34,000 contracts. The expiry arrives while BTC remains under pressure, making the settlement a key short-term event for derivatives traders. Data cited from Deribit shows a put-to-call ratio near 0.60, which means call options still outnumber puts, even though those bullish positions were built around much higher price expectations.
The main issue is that many of those call options are now far from the spot market. The reported max pain level is around $80,000, well above current trading levels. That weakens the usual pull toward max pain sometimes seen into large expiries. Dealers and larger market participants have less reason to push price upward to defend call exposure, and hedging-related buy demand is limited as a result.
Call-heavy positioning does not guarantee upside support
The article notes that while many put options are already in profit, a large share of call positions are deeply out of the money. In that setup, the expiry itself may not trigger much forced buying. If selling pressure continues, BTC may simply stay aligned with the existing downtrend instead of staging a strong rebound after settlement.
Ethereum options worth roughly $390 million are also expiring at the same time. Those contracts carry a put-to-call ratio of 1.01 and a max pain level near $2,450. With both BTC and ETH options expiring together, traders are also watching for any spillover in broader crypto derivatives activity.
Bitcoin stabilizes after testing the low-$60,000 area
In spot trading, Bitcoin dropped to an intraday low of $60,286 before stabilizing in a relatively narrow $63,000 to $65,000 range. The report links the recent weakness to forced liquidations and a wider rotation out of risk assets. Based on the figures in the source, BTC is now nearly 50% below its 2025 high above $126,000.
That leaves $60,000 as the level drawing the most attention. The zone has acted as short-term support during recent sell-offs. A clean break below it could extend losses, while a daily close above that area may leave room for a relief move.
Technical picture remains weak below the 100-day average
From a chart perspective, Bitcoin has already fallen below its 100-day moving average, a level that had served as trend support for much of 2025. Several rebound attempts failed near $83,000, pointing to strong selling pressure at higher levels. After a range breakdown and the formation of a lower high, the broader structure has turned lower.
The report also says the decline accelerated after BTC moved below the lower Bollinger Band, a sign of disorderly selling rather than steady profit-taking. Momentum indicators add to that view. The RSI has fallen close to 20, no bullish divergence has appeared, and many sessions have closed near their lows, suggesting weak dip-buying interest.
A former support zone around $75,000 has already failed. Attention has now shifted to $60,000 as the next major psychological level. If BTC holds that area on a daily close, the source says short-term relief rallies could target the $70,000 to $75,000 region, though such moves would likely remain corrective unless price reclaims the 100-day average near $83,000. If $60,000 breaks and price settles below it, the market could open a path toward the mid-$50,000 area.