BTC: 90k as post expiry reaction, then 76k in play

Based on the TradingView chart of Bitcoin/Tether and considering the $3 billion options expiry today, here's what we can likely expect:

Immediate volatility - Expect increased price swings around the $85,000-$86,000 level as market participants adjust positions before and after expiry.

Continuation of the downtrend - The chart shows a clear descending channel (red lines), with Bitcoin having broken through a significant support level and potentially heading toward the next support around $59,700.
Potential consolidation near current prices if this level is close to the "max pain" point for expiring options.

Post-expiry reaction could yield either:
A quick bounce back to $90,000-95,000 if traders were predominantly in short positions
Further decline toward $70,000-75,000 if the options expiration coincides with broader selling pressure

The technical picture suggests we're in a correction phase of a larger bullish trend, though bearish sentiment currently dominates. The weekly chart shows Bitcoin is down 8.84%, having lost about $8,330 in value recently.


This options expiry could serve as a catalyst that either accelerates the current downtrend or creates the conditions for a relief rally, depending on market positioning.