After massive options settlement, the market has yet to escape the "choppy trend"; Bitcoin falls back to $87,000 seeking support.

BlockBeats News, December 27 — Yesterday marked the annual major options expiration day, which was also the largest cryptocurrency options expiry in history, with a total notional value of approximately $28 billion. Although most analysts and historical data indicate that market volatility tends to increase significantly after such massive options settlements, possibly due to the holiday period, the market has yet to break out of its current sideways “door-shaped” trend.

According to market data from a certain exchange, bitcoin fell from $89,000 last night, briefly dropped below $87,000, then rebounded and consolidated above $87,000. The current quoted price is $87,405.

According to analyst Murphy, the $87,000 level is where a large volume of short-term bitcoin positions have changed hands, and is also the strongest support level in the current position structure. As long as the massive volume bar can continue to provide effective support, the market direction will become clearer.