Bitcoin is facing a pivotal test around the $80,000 level as a $6 billion monthly options expiry approaches, with price action swinging on both sides of the psychological threshold. The benchmark cryptocurrency initially crossed above $80,000 for the first time in weeks, supported by short-term technical momentum and improving risk appetite, before sliding below the level in a fresh bout of volatility.
Derivatives data shows open interest for the upcoming expiry has exceeded $6 billion, and traders are watching whether Bitcoin can sustain a close above $80,000. Over the past week, Bitcoin climbed from the mid-$70,000 range, breaking through several resistance levels on higher-than-average volume. A decisive hold above $80,000 could open a path toward the all-time high near $86,000, while failure to hold may trigger a pullback toward the $75,000 support zone, which also aligns with the 200-day moving average.
However, the rally has been fragile. Bitcoin subsequently dipped below $80,000, reaching a low of $79,973.92 on the Binance USDT market, according to market monitoring. The cryptocurrency shed around 3.5% over 24 hours, with selling accelerating during early Asian trading. Major altcoins including Ethereum and Solana also fell between 4% and 6% in the same period. Analysts attributed the slide to profit-taking after a strong February rally, rising geopolitical tensions, uncertainty ahead of key U.S. economic data, and reduced exposure to risk assets among some institutional investors.
Despite the pullback, some market observers argue the correction remains relatively shallow compared with previous cycles. They point to increasing institutional adoption and the upcoming halving event as intact long-term fundamentals. The realized price of short-term holders is around $65,000, which could act as a stronger floor if deeper selling occurs, while a break below $75,000 could see Bitcoin test the $70,000 range.
Among altcoins, Ethena (ENA) and Official Trump (TRUMP) were notable standouts. Ethena’s token jumped more than 15% amid growing interest in its yield-bearing stablecoin offerings, while Official Trump rallied sharply on social media buzz and speculative trading. The two assets reflect different risk profiles: Ethena has fundamental utility in the synthetic dollar sector, whereas Official Trump’s move remains largely sentiment-driven and highly volatile.
