The second quarter of 2025 was nice for Bitcoin. Since April 1, the market leader has climbed 30.2%Supported by a gain of 14.2% in April, a leap of 11.1% in May and an additional increase of 2.6% so far in June. The rally transported the price of $ 104,544 at the beginning of the month to around $ 107,370 today, briefly marking the heights of new cycles close to $ 107 K.
| Period | Price change |
| April 2025 | +14.2% |
| May 2025 | +11.1% |
| From June to date | +2.6% |
| Q2 to date | +30.2% |
Cryptography market today
- The cash price drifts Thursday evening. A slow slide around $ 102 K suggests that the sellers of options direct the market.
- Liquidity at $ 105 K. A gap in the purchase controls below this level increases the chances of a fast downstream current.
- Post-expiration snap-back. Once $ 15 B of hedges disappear, sudden volatility increases upwards or down is common.
Expiration of $ 15 B options on Friday
According to the chief deribit commercial director, Jean-David Pequignot, one of the biggest expirations of the year strikes the band this Friday. About $ 15.2 B in BTC options 38% of the open interest of $ 40 B, will be settled right away.
The “max-cap” level, where the greatest number of contracts expires without value, is found $ 102,000. Prices often derive towards this magnet because market manufacturers who sell the options benefit the most if Bitcoin landed there at the expiration.
Feeling and volatility tell a mixed story
The options of options are always leaning with caution:
- Put / Call ratio: 0.73This means that there are 73 PUT for 100 calls – more calls report an upward inclination.
- Implicit volatility: by descending strongly from 50% to 38%suggesting that traders expect lower short -term price fluctuations.
However, these expectations can change quickly when billions of contracts take place.
$ 105 K: the line in the sand
Technical traders are focused on laser on $ 105,000. He acted as front line support throughout June:
- Hold on $ 105 K: The bulls retain control; Post-expiration rescue around 110 k or more remains on the table.
- Break below $ 105 K: The feeling could go back in a hurry, with the engraving price to the $ 102 k Max-Pain zone and triggering a stop-loss cascade.
End
The 30% Bitcoin quarter even impressed the hardened bulls, but the real test comes with the mega-expiration on Friday. Stay vigilant, whether BTC defends $ 105 from K or succumb to the maximum gravity to probably set the tone for the rest of summer.
