## Glassnode Data Forecasts Potential Bitcoin Drop to $105.5K
### Introduction
Traders are gearing up as Bitcoin and Ethereum face an important options expiry today, with the market showing signs of a potential downturn following a recent recovery. Glassnode, a prominent on-chain platform, anticipates that Bitcoin could see a decline back to $105.5K if key support levels are not maintained.
### Analysis of Options Expiry
Today marks the expiration of a significant $4.5 billion worth of Bitcoin and Ethereum options. This event has captured the attention of traders and analysts alike, as it could influence the direction of the crypto market in the near term.
### Glassnode’s Prediction
Glassnode’s data indicates a risk of Bitcoin retracing towards the $105.5K mark in the coming days if buyers do not manage to defend a crucial support level. This potential drop is a concern for investors who are closely monitoring market movements.
### Conclusion
In conclusion, the upcoming Bitcoin and Ethereum options expiry has created a sense of caution among traders, with Glassnode’s analysis suggesting a possible downturn in Bitcoin’s price if critical levels are breached. It remains to be seen how the market will react in the face of these developments.
This post was originally published on CoinGape.