Bitcoin options data shows bearish bets holding the advantage in Friday’s 
$10.8 billion expiry, unless bulls manage a pre-expiration breakout above 
$90,000.

$10.8B in Bitcoin options expire this week: Will bulls chase $95K after expiry?

Bitcoin price started a recovery wave above $88,000. BTC is slowly moving 
higher and might rise further if it clears $89,600. Bitcoin started a minor 
recovery wave above the $88,000 level. The price is trading above $88,500 and 
the 100 hourly simple moving average. There is a rising channel forming with 
resistance at $89,600 on the hourly chart of the BTC/USD pair (data feed from 
Kraken). The pair might recover further if it manages to settle above $89,600 
and $90,000. Bitcoin Price Starts Recovery Bitcoin price remained stable above 
the $87,000 support. BTC formed a base and recently started a recovery wave 
above the $87,500 level. The price climbed above the $88,000 and $88,500 
levels. There was a move above the 61.8% Fib retracement level of the downward 
move from the $91,098 swing high to the $86,007 low. The bulls even pushed the 
price above $89,000. Bitcoin is now trading above $88,500 and the 100 hourly 
simple moving average. If the price remains stable above $88,500, it could 
attempt a fresh increase. Immediate resistance is near the $89,600 level. 
Besides, there is a rising channel forming with resistance at $89,600 on the 
hourly chart of the BTC/USD pair. The first key resistance is near the $90,000 
level since it is close to the 76.4% Fib retracement level of the downward 
move from the $91,098 swing high to the $86,007 low. A close above the $90,000 
resistance might send the price further higher. In the stated case, the price 
could rise and test the $90,500 resistance. Any more gains might send the 
price toward the $91,200 level. The next barrier for the bulls could be 
$92,000 and $92,500. Another Rejection In BTC? If Bitcoin fails to rise above 
the $89,600 resistance zone, it could start another decline. Immediate support 
is near the $88,800 level. The first major support is near the $88,500 level. 
The next support is now near the $87,600 zone. Any more losses might send the 
price toward the $87,200 support in the near term. The main support sits at 
$86,000, below which BTC might struggle to recover in the near term. Technical 
indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. 
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 
level. Major Support Levels – $88,500, followed by $87,200. Major Resistance 
Levels – $89,600 and $90,000.

Bitcoin Price Marches Upward, But $90K Could Decide The Next Act

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Bitcoin is struggling to regain traction below the $88,000 level as fear and 
uncertainty continue to dominate market sentiment. After a volatile selloff, 
the price has stabilized, but confidence remains fragile, with traders closely 
watching whether current support can hold or if another leg lower is still 
ahead. The lack of a decisive rebound reflects a market caught between 
defensive positioning and cautious accumulation, where conviction on both 
sides remains limited. Related Reading: Bitcoin Breaks Below $87K As Political 
Risk Spikes – Liquidations Reveal The Real Driver Analyst Axel Adler 
highlighted a critical divergence developing beneath the surface. According to 
his analysis, the Market Pressure Index dropped to 30.54, marking a new 30-day 
low and falling below the previous extremes recorded on January 21 and January 
25. Despite this surge in derivatives-related pressure, Bitcoin’s price barely 
reacted, holding steady around $88.3K. That disconnect between pressure and 
price is unusual and signals a moment of heightened tension. Price structure 
reinforces how sensitive this zone has become. Bitcoin is currently trading in 
the lower 17% of the Donchian channel, positioning BTC just above the $86.4K 
support level. This area now represents a clear decision point for the market. 
If buyers continue absorbing supply, a base may begin to form. If support 
fails, the absence of downside reaction so far could quickly give way to 
renewed volatility. Extreme Derivatives Pressure Meets Price Stability 
According to CryptoQuant data, Bitcoin’s Derivatives Market Pressure Index has 
reached an unusually critical state. The indicator collapsed to 30.54, marking 
a new 30-day low and exceeding the previous downside extremes recorded on 
January 21 (36.95) and January 25 (35.63). The Market Pressure Index is a 
normalized composite that blends price action, cumulative 6-hour net taker 
flow, Open Interest, and volume delta, calibrated over a 365-day window to 
improve signal robustness and reduce noise. The most striking detail is the 
speed of the move. On January 27 at 07:00 UTC, the index dropped 12 points 
within a single hour, yet Bitcoin’s price barely reacted, moving only from 
$88.2K to $88.3K. This creates a rare and critical divergence: derivatives 
pressure reached an extreme, but price refused to break lower. Adler stresses 
that this behavior leaves the market at a binary crossroads. Either buyers are 
actively absorbing supply at current levels—suggesting early base formation—or 
the market is storing downside energy that could be released sharply if 
support fails. Together, the charts describe a tense equilibrium. Price 
Structure shows BTC sitting near support, in the lower 17% of the Donchian 
channel, with a Structure Shift of -0.57, confirming a broken bullish 
structure. Meanwhile, sellers are applying maximum monthly pressure and 
meeting resistance. This is either strong demand asserting itself or the final 
pause before capitulation. Related Reading: US Institutions Step Back From 
Ethereum: Coinbase Premium Flashes Caution Bitcoin Downtrend Pressure Persists 
Below Key Averages Bitcoin is trading around $87,800 on the daily chart, 
continuing to struggle after repeated failures to reclaim higher resistance 
zones. The broader structure shows a clear transition from the late-2025 
uptrend into a corrective phase, with price posting lower highs and weaker 
rebounds since the sharp selloff in November. While BTC has managed to 
stabilize above the mid-$80K region, upside momentum remains limited and 
fragile. From a technical perspective, the moving averages define the current 
battlefield. Bitcoin is trading below the 50-day moving average (blue), which 
is now sloping downward and acting as immediate resistance near the low-$90K 
area. The 100-day moving average (green) sits higher and continues to trend 
lower, reinforcing a bearish medium-term bias and capping recovery attempts. 
Above both, the 200-day moving average (red) remains well overhead near the 
$105K–$108K range, highlighting how far the price has drifted from a fully 
bullish structure. Related Reading: Bitcoin Indicator Falls Back To Post-Bear 
Market Levels: Investors Approach A Key Decision Point Recent bounce attempts 
toward $92K–$96K were decisively rejected, confirming that sellers remain 
active on rallies. Volume has eased compared to the November capitulation, 
suggesting reduced urgency rather than strong demand. For bulls, holding the 
$86K–$88K zone is critical to prevent a deeper breakdown. A daily close back 
above $90K would be the first step toward stabilizing the trend. Failure to 
defend current levels keeps downside risk open toward the low-$80K range. 
Featured image from ChatGPT, chart from TradingView.com

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