March 20 Options Data 23,000 BTC options expired, with a put-call ratio of 0.88, a maximum pain point of $70,000, and a notional value of $1.6 billion. 176,000 ETH options expired, with a put-call ratio of 1.04, a maximum pain point of $2,150, and a notional value of $370 million. The current rally in the crypto market has come to an end, with Bitcoin briefly dipping below the $70,000 psychological threshold. Over the past week, $75,000 has frequently been cited as a key resistance level; 5% of the month-end options were concentrated at this price, but the breakout ultimately failed, causing prices to retreat to around $70,000. Next Friday marks the quarterly settlement. Based on options market data, $75,000 is the price with the highest concentration of open interest and represents an absolute resistance level. The lower levels of $65,000, $62,000, and $60,000 are all areas of high open interest and can be considered support levels for a potential decline. This week, the IV and RV of major-expiry options remained largely unchanged, with BTC’s major-expiry IV at 50% and ETH’s at 70%. The continued decline in RV has caused VRP to rise steadily. Only 5% of total open interest is set to expire this week, continuing to hit record lows. Despite some volatility, trading activity for Bitcoin remains at extremely low levels. Due to the price pullback, Skew metrics have declined across the board; the market remains in a bear market, and bullish momentum is very fragile.(Greeks.live)