Is Bitcoin about to have an issue? Not necessarily.

Tomorrow, $23.6 billion worth of Bitcoin options will expire, setting a new record. It sounds intimidating, but the real mystery lies behind it.

When market makers start unwinding their hedging positions, the support and resistance levels created by those option structures will temporarily lose their effectiveness. During this period, BTC volatility may be amplified because the market is in a vacuum of capital structure — old bets haven't been fully closed, and new bets haven't been established.

This may sound like a prelude to a sharp decline, but there's another perspective. If BTC retraces to around $80,000 to $82,000 during this window, it could actually be an opportunity for a short-term rebound. Volatility ≠ trend reversal.

More notably, bullish divergence signals have appeared on smaller timeframes. What is bullish divergence? Simply put, it means BTC price is falling, but the outflow of funds is slower than the price decline — indicating that the bears are losing strength and a rebound is building.

Between 2024 and 2025, and during 2021 to 2022, such bullish divergence signals appeared four times, and BTC rebounded each time. Some were short-term rebounds, and some even reversed the entire trend. However, based on the current overall market sentiment, the probability of a corrective rebound is higher.