glassnode on-chain data, the $59k–$72k accumulation zone has been emptied, and BTC has entered a "low resistance uptrend channel."


This range previously held many people's buying costs (chips), and now basically all have been sold.


There aren't many chips left above to block a sell-off.


However, there is significant negative gamma around the 75k mark for BTC, meaning options market makers face bidirectional pressure at this point, and price breaks above or below will amplify volatility.

Options market makers sold a considerable amount of 75k call options. If the price rises a little, they have to quickly buy coins to hedge (the higher it goes, the more they buy); if the price drops a little, they have to quickly sell coins (the lower it goes, the more they sell).


As a result, any price movement can easily lead to "large fluctuations," meaning if it breaks above 75k, it could quickly surge upwards, while a drop could lead to a severe sell-off.