On July 26th, there is a possibility that the price of Bitcoin could experience a decline, potentially dropping to around the $63,000 level.

This potential drop is attributed to the expiration of a significant amount, over $3.9 billion worth, of Bitcoin futures options at 8:00 am UTC on Deribit, which is recognized as a leading cryptocurrency futures trading exchange.

This event’s impact on the market is being closely monitored by traders and analysts.

The “max pain point” for Bitcoin is currently at $63,000, and if reached, it could potentially intensify selling pressure for this leading cryptocurrency. As options contracts near their expiration, the crypto market tends to experience heightened price fluctuations.

While the max pain point signifies the price at which most options contracts would become worthless, it doesn’t necessarily mean that the actual price of the asset will drop to that level.

Despite the launch of the first spot Ether exchange-traded funds (ETFs) on July 23, a large volume of cryptocurrency options, amounting to $5.48 billion, expired on Deribit, with $1.57 billion in Ether options expiring.

Interestingly, Ether has faced challenges in gaining momentum despite these developments.

The price of Ether experienced a 2.3% increase on the daily chart, but suffered a 4.5% decrease over the past week. As of 11:02 am UTC, according to data from CoinMarketCap, Ether is currently trading just below $3,250.

According to renowned crypto analyst Rekt Capital, it is critical for Bitcoin to maintain its position above the current key support level of $65,000.