Bitcoin relinquished earlier gains after the Wall Street open on June 20, amid a significant options expiry affecting U.S. equities. BTC price momentum stalled near $106,500 and then dropped below $104,000, maintaining a narrow trading range around its 21-day and 10-day simple moving averages (SMA) near 105,800.
Traders noted persistent short positions and substantial sell orders, indicating dominant spot market flow. This comes as the financial markets face an unusually large traditional finance (TradFi) options expiration, with $6.8 trillion in options on stock indexes, ETFs, equity futures, and individual stocks set to expire in a single session.
Market analysts labeled this event as potentially the largest “triple witching” options expiry on record, marking the first major post-holiday expiry in a quarter-century, which may heighten volatility across risk assets.
Despite the short-term pressure, longer-term analysis remains optimistic. The trading account Titan of Crypto highlighted that Bitcoin has sustained key support levels and recently broke out of a descending broadening wedge pattern. Based on this structure, a $135,000 BTC price target is still possible.
Recent forecasts have suggested even higher potential targets, including $140,000. However, investors are reminded that trading involves risks and should conduct thorough research before making decisions.