The Bank of Japan’s (BOJ) decision to keep interest rates unchanged continues to influence global financial markets. Given this development, my expectation of increased volatility in both the US markets and crypto exchanges remains strong through January 2025. We could see new record highs in the coming months.
Current Bitcoin Technical Overview
Looking at the Bitcoin price action on the lower time frames, we see that contrary to my previous analysis, the price has held above the quarterly opening level of $62,700. This is an important update that investors should take note of.
The current market structure suggests that Bitcoin is likely headed for a quick move to revisit the point of control (POC) area around $65,000. This upward momentum suggests a bullish outlook in the short term.
Options Market and Price Pressure
However, an important factor to note is the upcoming BTC options expiration on September 27, which is valued at around $6 billion, with a Max Pain of $58,000. This large options expiration could put pressure on the price, potentially keeping it below that level. Traders should keep a close eye on this Max Pain threshold.
👉 Bottom Line: Based on available technical data, Bitcoin is expected to target the $65,000-$67,000 range in the short term. However, the influence of the options market should not be overlooked and investors should be prepared for potential volatility in the coming weeks.
