On-chain Option Expiry Market Still Stuck in "Elon Candle" Aftermath as Bitcoin Retests $87K Support

BlockBeats News, December 27th. Yesterday was the annual options expiry day, which was also the largest-ever cryptocurrency options expiry day in history, with a total notional value of approximately $28 billion. Despite the fact that most analysts and historical data indicate that the post-expiry market volatility will experience significant amplification, due to the holiday effect, the market has not yet escaped the oscillating "range-bound market".

According to HTX market data, Bitcoin fell back from $89,000 last night, briefly dropping below $87,000 before rebounding to trade sideways above $87,000, now priced at $87,405.

According to analyst Murphy, $87,000 is the short-term key support level for Bitcoin with significant on-chain volume churning, and it is also currently the strongest support level in terms of on-chain structure. As long as it can maintain the effective support of the massive volume bars, the direction will become more clear.