Bitcoin Reaches $80,000 Amid $6.16 Billion Options Expiry, Fear and Greed Index at Record High

The cryptocurrency market is showing signs of bullish sentiment, with Bitcoin (BTC) reaching above $80,000 on Friday amidst a massive $6.16 billion options expiry. The Fear and Greed Index from CoinMarketCap also indicates a firm bullish sentiment in the crypto market.

According to CoinGlass data, the max pain, the strike price with the largest volume of contracts, is at $70,000, with $2.42 billion in notional value, driven by $11.31 million in Puts and $206.33 million in Calls set to expire.

The immediate resistance for Bitcoin aligns with the March 13 swing high near $82,850, which could target the 127.2% Fibonacci extension level at $89,663 if broken out above this level. On the downside, crucial support for Bitcoin is seen at the 78.6% Fibonacci retracement level at $77,489.

Ethena (ENA) has also extended double-digit gains over the last 24 hours, following the Ethena Foundation's announcement of buying back early investors' tokens and allocating 95% of net revenue for ENA token buybacks. Official Trump has also emerged as a top performer with double-digit gains, testing its bullish breakout of its 200-day EMA at $2.725.