Bitcoin is likely to continue rising in the next couple of days, and the reason is quite straightforward—there are $23.6 billion worth of options contracts expiring tomorrow.

The biggest pain point for these contracts is set at $96,000 (in other words, the price where options sellers can earn the most and buyers lose the most). Currently, Bitcoin is around $87,800, which is actually a friendly level for the bulls.

Why does the expiration of large options contracts push the market? It’s a bit technical—market makers hedge their risk exposure by buying and selling spot assets. When a large number of open interest contracts accumulate near a certain strike price, their hedging activities create market pressure. That maximum pain point often becomes an "attraction," and the market tends to gravitate toward it. This is not a coincidence but a result of the collective behavior of market participants.