Bitcoin price news: BTC gives up early Monday gains, falling back below $88,000
Bitcoin dropped below $88,000 ahead of a record $28.5 billion Deribit options expiration, signaling trader caution.Summary
Bitcoin (BTC) and other cryptocurrencies retreated during Monday's U.S. session, with BTC falling under $88,000 after briefly surpassing $90,000, and ETH slipping below $3,000. This price action precedes a record $28.5 billion in BTC and ETH options expirations on the Deribit exchange this Friday, representing over half of the exchange's open interest. Jean-David Pequignot, Deribit's chief commercial officer, noted that the market's focus is on bitcoin's $96,000 'max pain' level. While there is significant open interest in protective puts at the $85,000 strike that could exert downward pressure, traders are reportedly rolling defensive positions forward into January, indicating sustained wariness about the outlook beyond the year-end expiry. Meanwhile, some crypto-related stocks, like Hut 8, continued to gain, supported by specific business developments.
(Source：CoinDesk)