Bitcoin Faces Key Onchain Support Amid Options Expiry

Bitcoin's price remains stable as traders prepare for a significant options expiry.

Bitcoin is currently trading at approximately $76,856, maintaining a position above a critical 128-day moving average around $74,500. However, the cryptocurrency continues to face resistance at important onchain levels near $77,000, which includes the true market mean and the cost basis for short-term holders.

As the market anticipates a $6.6 billion options expiry on Deribit scheduled for May 29, substantial open interest is concentrated at the $75,000 put and $80,000 call options. This situation is causing market makers to stabilize Bitcoin's price within this range, contributing to reduced volatility.

Notably, over 15% of Bitcoin's total supply is held within the price band of $74,000 to $83,000, indicating a significant supply concentration that influences trading behavior. The realized price for Bitcoin in 2026 stands at around $76,200, reflecting the average acquisition cost for Bitcoin transactions this year and serving as a key market indicator.

Recent trading dynamics have shown that Bitcoin briefly dipped to $74,500 before rebounding, highlighting the importance of this moving average as a support level. Analysts have observed that the realized price has increasingly become a relevant factor in market movements, especially following previous lows, such as in February when Bitcoin found support near the 2023 realized price of approximately $60,000.

With the impending options expiry, traders and market participants are closely monitoring price movements, particularly around the $75,000 and $80,000 thresholds, as these levels are pivotal for future trading strategies.