February 6 News, due to the impact of large-scale derivatives expiration, Bitcoin faced renewed pressure at the market open on Friday. Data shows that approximately 34,000 Bitcoin options with a notional value of $2.1 billion expired at 8:00 AM (UTC) on the same day, leading to increased market volatility expectations. Currently, the number of call options remains higher than put options, with a put/call ratio of about 0.60, indicating that bullish traders still hold relatively high expectations for upward movement.
However, the so-called “maximum loss point” is around $80,000, significantly above the current price. This means that most call options are deep out-of-the-money, and traders lack the motivation to push prices higher to “defend the market.” At the same time, spot buying for hedging purposes is also limited, so after expiration, price movements may continue the existing downward trend rather than experience a strong rebound.
At the same time, Ethereum options worth approximately $390 million also expired, with a put/call ratio close to 1.01, and a maximum stop-loss price around $2,450. The overall structure of the derivatives market is currently imposing phased constraints on mainstream digital assets.
In terms of price performance, Bitcoin previously dipped to $60,286, then fluctuated within the $63,000 to $65,000 range. Due to forced liquidations and capital withdrawal from high-risk assets, the current price has fallen nearly 50% from its 2025 high. If selling pressure continues, the market may test the psychological level of $60,000 again.
On the technical side, Bitcoin has broken below the 100-day moving average and repeatedly failed to rebound near $83,000, indicating that selling pressure above remains strong. The lower Bollinger Band has been breached, and RSI is approaching 20, reflecting weak short-term momentum. If the $60,000 level holds, a technical correction may occur, with the target range potentially returning to $70,000–$75,000; if it breaks below convincingly, the mid-$50,000 region will become the new focus.
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