Will BTC price fall towards $60,000?

Bitcoin prices began Friday under pressure as a $2.1 billion option contract nears expiration.

Bitcoin faces another significant test as a large number of derivatives contracts mature. Approximately $2.1 billion worth of Bitcoin options are scheduled to expire at 8 a.m. UTC on February 6, according to Deribit data.

Approximately 34,000 contracts are set to expire, but the deadline comes at a time when market sentiment remains volatile. The number of call options still exceeds the number of puts, as evidenced by the put-to-call ratio close to 0.60.

This means that a large number of traders were aiming for higher Bitcoin ($BTC) Prices for previous weeks. The so-called maximum pain level at which most option buyers lose money is about $80,000. This level is significantly higher than the current market price.

Approximately $390 million worth of Ethereum (ETH) options will also expire at the same time. $BTC option. These contracts have a put-to-call ratio of 1.01 and a maximum pain level of nearly $2,450.

Bitcoin struggled to regain its footing after falling to an intraday low of $60,286, but has since stabilized in a narrow range between $63,000 and $65,000. Due to a combination of forced liquidations and widespread rotation out of risky assets, the cryptocurrency is currently nearly 50% below its 2025 peak of $126,000.

How Bitcoin option expiration dates affect prices

While many put options are already profitable, the majority of call options have a maximum payout of nearly $80,000, far exceeding your capital. This setting limits the normal pull towards maximum pain levels that sometimes appear around large expirations.

Simply put, dealers and large traders have little incentive to push prices up to protect their call positions. At the same time, there is limited pressure to buy Bitcoin for hedging purposes. As a result, the price trend after expiry may remain soft and follow the existing trend.

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If selling pressure continues, the market could end up moving back around support levels rather than making a strong rebound.

Analysts are keeping an eye on the $60,000 area. This zone served as short-term support during the recent decline. If the market continues to fall below this level, losses may widen further, but if it remains firm, there may be a temporary rebound.

Technical analysis of Bitcoin price

Bitcoin has clearly fallen below its 100-day moving average, which served as trend support for most of 2025. Several recovery attempts failed near $83,000, indicating strong selling interest at higher prices.

The price structure is currently on the decline following range breakdown and clear low-highs. The decline accelerated when Bitcoin fell below the lower Bollinger Bands, suggesting chaotic selling rather than consistent profit-taking.

This weakness is confirmed by momentum indicators. The relative strength index was below the levels observed in the previous cycle, approaching 20. There was no bullish divergence and many trades ended near the lows. This suggests limited buy interest.

The previous support zone around $75,000 failed to hold. With this area broken, attention shifted to the $60,000 level as the next major psychological support.

If the day’s closing price sustains at $60,000, selling pressure will ease and a short-term rescue rebound could develop. In that case, the price could move towards the $70,000 to $75,000 range where historical support turns into resistance. Barring a recovery above the 100-day average around $83,000, these moves are likely to remain corrective.

If it breaks through $60,000 and the price falls below it, the market could pave the way for mid-$50,000 territory. Under this scenario, downside momentum remains intact and a sentiment-driven rebound may struggle until the overall structure improves.

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