# Bitcoin Options Expiry Nears $9.25B, Bulls Defend $60K

**Published:** 2026-08-20T18:07:47.193Z  
**Topic:** Bitcoin  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/0d197e63-473a-4f26-a1d7-8a48190b413d

Bitcoin faces a $9.25 billion options expiry on June 28, with bulls needing to hold $60,000 support to avoid an $820 million put-option scenario. Futures

Bitcoin is approaching a significant $9.25 billion options expiry on June 28, with market participants closely watching the $60,000 support level as bulls attempt to counter recent downside pressure [2]. The outcome of this expiry could see $820 million in put options favored if Bitcoin's price falls below this key threshold [2].

| At a glance | |
|---|---|
| Options Expiry | $9.25 billion on June 28 [2] |
| Key Support | $60,000 [2] |
| Call Open Interest | $4.4 billion [2] |
| Put Open Interest | $2.25 billion [2] |

## Options Market Dynamics and Price Action

The upcoming Bitcoin options expiry on June 28 shows a put-to-call ratio of 0.51, indicating a higher call open interest of $4.4 billion compared to $2.25 billion in put options [2]. However, if Bitcoin's price remains below $65,000 at 8:00 am UTC on June 28, only $440 million of these call options will be in the money [2]. Bulls are focused on sustaining the $60,000 support to prevent a scenario where put options gain an $820 million advantage [2].

Recent price action has seen Bitcoin peel back to $62,000, with futures traders cutting risk, although a week-long trend of positive funding rates persists [1]. Liquidations have been relatively small in dollar terms but one-sided, with approximately $47 million in long liquidations versus $4 million in short liquidations on Wednesday [1]. A cluster of long positions near $61,000 suggests that a drop into this zone could accelerate further downward movement [1]. Despite investor appetite in the current range, driven by spot market flows and BTC ETF buying, futures activity remains the primary driver of price moves [1]. The Crypto Fear & Greed Index indicates market sentiment is currently in the "fear" category [1].

## Resistance and Support Levels

Bitcoin recently pushed towards a resistance level around $77,400, which had previously acted as a ceiling [4]. On Saturday, a bullish surge took BTC to $77,439 before sellers pushed it back to $74,500 [4]. Sunday saw another retest of the $77,400 to $77,430 zone [4]. The cryptocurrency is currently trading at $77,490, holding above $77,400, but a convincing close above this zone with sustained support is needed to confirm a bullish case [4].

The next target for bulls is identified as a CME gap around $79,000, specifically $79,450 [4]. However, a thick resistance band at $79,450 suggests strong selling pressure could be met there [4]. Conversely, a rejection at $77,400 could push Bitcoin back into a descending channel, bringing attention to the recent CME Friday close of $75,535 [4]. Losing $75,000 would diminish recovery attempts, potentially leading to lower support at $73,700 [4]. CME gaps have historically been filled over 90% of the time [4].

| Key Price Levels | |
|---|---|
| Immediate Resistance | $77,400 - $77,430 [4] |
| Next Bullish Target | $79,450 (CME gap) [4] |
| Immediate Support | $75,535 (CME Friday close) [4] |
| Lower Support | $75,000, then $73,700 [4] |
| Critical Options Support | $60,000 [2] |

## What to watch

*   **June 28 Options Expiry:** Monitor Bitcoin's price relative to the $60,000 support level ahead of the 8:00 am UTC expiry, as it will determine the impact of $9.25 billion in options [2].
*   **$77,400 Resistance:** Observe if Bitcoin can achieve a sustained close above the $77,400 to $77,430 resistance zone to confirm a stronger bullish move [4].
*   **CME Gaps:** Watch for Bitcoin's movement towards the $79,450 CME gap and its ability to hold above that level if filled, as well as potential downside towards the $75,535 and $73,700 CME gaps if resistance holds [4].

The current market environment reflects a battle between futures-driven price movements and underlying investor appetite, with the upcoming options expiry posing a critical test for Bitcoin's short-term direction [1, 2].

## Sources
1. Cointelegraph — [Bitcoin peels back to $62K as Fed-wary futures traders cut risk: Is the BTC rally over?](https://cointelegraph.com/markets/bitcoin-peels-back-to-62k-as-fed-wary-futures-traders-cut-risk-is-the-btc-rally-over)
2. Cointelegraph — [Will Bitcoin bulls or bears benefit from this week’s $9.25B BTC...](https://cointelegraph.com/markets/will-bitcoin-bulls-or-bears-benefit-from-this-week-s-9-25b-btc-options-expiry)
3. News — [Markets Update: Bitcoin Bulls Are Back With Vigorous Energy](https://news.bitcoin.com/markets-update-bitcoin-bulls-are-back-with-vigorous-energy/)
4. Bitcoinist — [Bitcoin Bulls Are Back In Action And They’re Looking... | Bitcoinist.com](https://bitcoinist.com/bitcoin-bulls-back-in-action/)

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Cite as: TrendWatcher, "Bitcoin Options Expiry Nears $9.25B, Bulls Defend $60K", https://www.trendwatcher.in/article/0d197e63-473a-4f26-a1d7-8a48190b413d