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- Bitcoin trades near $113K with $17.5B in options set to expire.
- Analysts warn BTC may dip toward $107K before a rebound.
- Tight trading ranges signal major volatility ahead.
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Bitcoin (BTC) hovered near $113,000 at Wednesday’s Wall Street open, with traders closely watching a massive $17.5 billion options expiry that could trigger sharp market moves. The cryptocurrency briefly dipped to $111,115 earlier in the day before recovering, but neither bulls nor bears have managed to establish control.
Options Expiry Points to $107K “Max Pain”
Market analysts are warning that Bitcoin may face additional downside before finding a firm bottom. Investor Ted Pillows noted that the upcoming options expiry has a max pain level — the price where most contracts lose value — around $107,000. Historically, Bitcoin has often gravitated toward such levels during large expirations.
“This setup suggests one more leg down before a reversal,” Pillows said, pointing to September’s track record as a weak month for BTC.
Traders Eye Deeper Pullback Before Rebound
Some traders believe Bitcoin’s current moves echo earlier corrections in the 2024 bull market. Analyst BitBull argued that BTC could retest the $103K–$105K range before resuming its broader uptrend. He also cautioned that whales may push prices below the 100-day EMA at $111,900, adding to market pain in the short term.
$BTC is doing exactly what it did in Q1 2024.
— BitBull (@AkaBull_) September 24, 2025
The long-term trend is still to the upside, but we may get some corrections.
I wouldn't be surprised if Bitcoin retests $103K-$105K level before reversal. pic.twitter.com/rzkv0LYtXo
Despite this, the long-term outlook remains intact. “The bigger trend is still up,” BitBull said. “Corrections like this are part of the cycle.”
Narrowest Monthly Candle in Two Years
Other traders are watching technical signals that point to an imminent breakout. Daan Crypto Trades highlighted that Bitcoin’s current weekly trading range is the tightest seen in over two years. Combined with record-tight Bollinger Bands, the data suggests a major move is likely before the end of September.
“Price action rarely stays this compressed for long,” Daan said. “Whether up or down, volatility looks inevitable.”
Bitcoin weekly Bollinger Bands are officially the tightest in the entire history of BTCUSD price action pic.twitter.com/XWNYkquVXP
— Tony "The Bull" Severino, CMT (@TonyTheBullCMT) September 23, 2025
With a record options expiry approaching and volatility indicators flashing, Bitcoin is entering a critical window. While short-term dips toward $107K or even lower remain possible, analysts agree that the broader trend points higher. Traders now face a decisive few days that could set the tone for Bitcoin’s final quarter of 2025.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Bitcoin Supply Crunch: Why Michael Saylor Sees Year-End Gains
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
