【Key Analysis for Tomorrow's BTC Delivery Day】Price may approach $92,000, with multiple forces guarding against short-term pressure

Tomorrow (January 23rd at 16:00) will mark an important options expiration day, and the market may enter a typical “delivery day行情”. Data points to a key level—$92,000—which is likely to become the core attraction for short-term movements tomorrow.

Core Conclusions
It is expected that before 16:00 (UTC+8) delivery, Bitcoin’s price has a high probability of oscillating around $92,000 (the maximum pain point for this cycle’s options). After the delivery, short-term market suppression is expected to ease, potentially returning to the original technical trend.

Key Data Breakdown

1. Maximum Pain Point: $92,000
This is the “price magnet” for this options delivery, the settlement point that makes most buyer options worthless and favors sellers. Before expiration, market makers are usually motivated to hedge and push the price close to this level. Therefore, whether the current price is above or below this point, there is a short-term tendency to gravitate toward it.

2. Bull/Bear Ratio: Put/Call Ratio = 0.74
This value is less than 1, indicating that overall market sentiment is bullish, with significantly more call options than put options. However, on delivery day, overly concentrated bullish positions may create short-term resistance, as sellers may suppress the price to avoid paying large profits on call options.

3. Notional Value: $1.81 billion
The delivery scale is moderate to large, enough to trigger intraday volatility and price oscillations, but usually insufficient to change the medium- to long-term trend.

Forward Outlook and Operational Tips

Before delivery (before 16:00): Oscillate toward the “pain point”
- If the market price is above $92,000, beware of a pullback pressure.
- If the market price is below $92,000, a rebound momentum may emerge.
During this phase, market volatility may intensify, leading to “pinning”行情.

After delivery (after 16:00): Watch for trend restart
The “magnetic effect” of the maximum pain point will disappear, and the market will seek a new direction. Given the overall sentiment remains bullish, prices are expected to regain upward momentum once suppression is lifted.

Operational Recommendations

Contract traders: Be cautious during the day tomorrow, avoid chasing or selling near key levels, pay attention to risk control, and guard against sharp short-term fluctuations.
Spot traders: Focus on short-term price volatility caused by delivery. If prices drop significantly below $92,000 due to delivery effects, it may be a good opportunity for long-term holders.

Summary
During the daytime tomorrow (23rd), focus on BTC oscillating around $92,000; after delivery, market attention will shift back to fundamentals and technicals.