Bitcoin Price Ceiling: $82,000 Looms Ahead of August 28 Expiration

The Bitcoin options market has been analyzed ahead of the August 28 expiration by Vladimir Coen, author of the Coen+ Telegram channel.

According to Coen, the recent surge in price was driven by mechanical demand, but this demand has now been exhausted. The $82,000 level is identified as a potential price ceiling for Bitcoin, which is currently trading around $79,450.

The options market structure suggests that the max pain level for the August 28 and September 4 expirations is at $68,000, while for the quarterly expiration it is at $70,000. However, this structure was formed when Bitcoin traded in a range of $62,000 to $66,000, and the price has since moved more than 15% away from this range.

Coen notes that market makers sold calls at strikes between $67,000 and $75,000 when Bitcoin was around $64,000. This mechanical buying drove the surge in price, but it is now exhausted. As a result, the market has been unable to hold above $80,000 for four consecutive sessions.