Bitcoin steadies as short liquidations mount

Can BTC, ETH, XRP, SOL reach max pain today? Possibly, not assured

Max pain is the options strike where combined losses for option buyers are greatest based on open interest across puts and calls. Prices can drift toward these levels into expiries as hedging flows rebalance, but the effect is probabilistic and not guaranteed.

For Bitcoin, Ethereum, XRP, and Solana, whether spot can reach max pain today hinges on derivatives positioning, liquidity, and short‑liquidation dynamics. Max pain levels are commonly derived from options open interest on venues such as Deribit. Because positioning updates intraday, and options depth for XRP and SOL is thinner than for BTC and ETH, any pull toward max pain can be brief or incomplete.

Today’s max pain price zones for BTC, ETH, XRP, SOL

Indicative recent max pain levels were reported around Bitcoin ~$88,000, Ethereum ~$2,950, XRP ~$1.90, and Solana ~$124, as reported by Coingape. These figures reflect current options open interest distributions and can shift as traders roll or close positions.

Institutional reference points can act as separate “pain” zones that shape sentiment. André Dragosch, Head of Research at Bitwise, has highlighted an area bounded by an estimated BlackRock iShares Bitcoin Trust (IBIT) average cost near $84,000 and MicroStrategy’s cost basis near $73,000, noting this bracket as a pressure region rather than a deterministic magnet.

Broader market tone frames these dynamics. “The crypto market is under pressure again. Total market capitalization has fallen to $2.27 trillion, down just over 2% in the last 24 hours,” as reported by Coinpedia.

Short liquidations today: triggers, clusters, and resistance that enable rebounds

Short‑covering rallies often begin when price reclaims resistance or runs through concentrated stop zones, forcing shorts to buy back. In options‑heavy regimes, dealer hedging can amplify these moves, though follow‑through may stall if spot meets larger offer liquidity at subsequent strikes.

Based on data from Coinglass, network‑wide crypto liquidations reached about $168 million in the past 24 hours, underscoring active deleveraging that can either extend a drawdown or prime conditions for a reflex bounce if shorts are trapped. Where liquidation clusters sit near round‑number resistances, a decisive break can unlock a swift move before liquidity refills.

Ethereum’s derivatives have been undergoing aggressive deleveraging, with open interest resetting and exchange reserves at multi‑year lows, according to AMBCrypto. This mix may reduce immediate downside convexity but can also limit the persistence of rebounds if spot encounters supply.

At the time of writing, Bitcoin was around $68,128 with very high 30‑day volatility near 11.75% and an RSI‑14 around 35.7, while aggregated indicators skewed bearish on sentiment. These snapshots are descriptive rather than predictive and should be weighed alongside options positioning, liquidity pockets, and evolving macro conditions.