Bitcoin's $28 billion options expiration still leaves the market in turbulence; can the $87,000 level hold?

【BlockBeats】The year-end crypto market迎来a historic options expiration——yesterday was the largest one, with a total notional value of up to $28 billion. Generally speaking, such a massive options expiration should trigger intense market volatility, and historical data and analysts have long made predictions. But reality has a bit of a “face slap”—the relaxed holiday atmosphere seems to have overshadowed technical momentum, and Bitcoin is stuck in a sideways “painting gate” pattern, unable to go up or down.

Last night, Bitcoin dipped from $89,000, briefly breaking below $87,000, then rebounded back above $87,000. The current price is stable around $87,405, moving sideways.

From a technical perspective, the $87,000 level is very critical. Many analysts point out that this price is precisely the turnaround point for a large amount of Bitcoin holdings in the short term, in other words—there is particularly strong support here. As long as this massive support line can hold, continuing to provide support, the next direction can gradually become clearer. Now, it remains to be seen whether this end-of-year volatility can dissipate quickly.