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Bitcoin's range trading came to an abrupt end as a fresh round of downside correction pierced the $62k support level, causing BTC to momentarily drop below $60.5k before bouncing back to $61k. With consecutive BTC futures ETF launches, BTC's price volatility has been decreasing since last week. However, a trend reversal is likely to occur soon. 51k contracts with a notional value of more than $3.2 billion are set to expire in the options market this Friday, Oct. 29. With the max. pain price near $54k, a surge in volatility is to be expected as the expiry date draws near. As it stands, nearly 45% of calls and 7% of puts are still in the money, and with the current put-call ratio sitting at around 0.66, there is likely to be a bullish trend moving forward.