Bitcoin’s next major move may hinge less on spot charts and more on options market positioning. Coinbase Institutional’s latest research introduces Gamma Exposure, or GEX, as a liquidity lens for identifying volatility regimes.
The report maps how dealer hedging flows cluster around key strike zones. Significantly, it highlights concentrated negative gamma between $60,000 and $70,000 and positive gamma near $85,000 to $90,000.
Key Levels Meet Options Positioning
The firm first revisits its structural pivot map, which aggregates volume and prior turning points into price bands. Dense support appears near $60,000, while the first heavy resistance zone sits around $82,000. Besides, higher liquidity pockets align above $85,000. These zones often attract resting orders and repeated reactions.
However, the addition of gamma exposure changes the tactical outlook. Negative gamma dominates the $60,000 to $70,000 corridor. In that environment, dealer hedging can amplify directional moves.
Falling prices force more selling, and rising prices trigger additional buying. Hence, if Bitcoin slides toward $60,000, volatility may expand rather than stabilize.
In contrast, meaningful positive gamma sits between $85,000 and $90,000. Dealers in positive gamma tend to sell strength and buy weakness.
Consequently, price action in that region may compress and pin near strike clusters. That dynamic favors slower advances rather than sharp breakouts.
Trading Scenarios Around $82K and $60K
The $82,000 level acts as a near-term decision point. If Bitcoin approaches $82,000 and fails to hold above it, supply likely remains intact. Moreover, the gamma profile offers little stabilization there. Traders may favor defined-risk bearish structures instead of aggressive breakout entries.
However, acceptance above $82,000 shifts probabilities. Sustained support above that level suggests absorbed supply. Additionally, continuation toward $85,000 becomes more likely. Still, positive gamma overhead increases chop risk, which may limit runaway upside.
On the downside, the $60,000 region remains critical. Negative gamma implies that any drop into that zone could accelerate quickly. Consequently, traders may wait for a reclaim before adding long exposure. If Bitcoin loses $60,000 and fails to recover, selling pressure could extend faster than expected.
Overall, the interplay between structural pivots and gamma exposure frames two regimes. Downside near $60,000 risks acceleration. Upside toward $90,000 may grind and stall rather than explode.
Source: https://coinpaper.com/14906/coinbase-bitcoin-options-reveal-60-k-risk-and-90-k-resistance-zones
