Bitcoin Stuck in $60K-$82K Range
Bitcoin trades near $68,000 as options market gamma signals warn of sharper swings within a $60,000 to $82,000 band, according to Deribit’s latest market playbook.
Bitcoin traders are navigating a narrow $60,000 to $82,000 trading range as options market positioning points to heightened volatility risks, a new report from Deribit Exchange shows.
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The exchange’s latest BTC Practical Playbook identifies $60,000 as a dense historical demand zone and $82,000 as a critical supply barrier. Analysts describe the lower level as a strong support floor where buyers previously stepped in aggressively. The upper boundary represents an area of repeated selling pressure that has capped recent rallies.
The report highlights the role of gamma exposure in shaping near-term price action. Gamma measures how options dealers adjust hedges as spot prices move. When dealers are in negative gamma territory, they tend to sell into falling markets and buy into rising ones, amplifying price swings.
Deribit’s analysis shows negative gamma concentrated between $60,000 and $70,000. That positioning raises the risk of accelerated declines if Bitcoin breaks lower within that zone. Dealers hedging short gamma exposure could add to selling pressure during sharp dips, potentially triggering cascading liquidations.
By contrast, positive gamma appears around the $85,000 to $90,000 range. In that zone, dealers are more likely to dampen volatility by buying dips and trimming rallies. Analysts say this structure favors range-bound trading rather than an explosive breakout beyond resistance.
The report underscores a downside asymmetry in current positioning. A decisive break below $60,000 could open the door to a deeper bearish phase marked by forced selling and overshooting moves. On the upside, advances toward $90,000 may unfold more gradually as positive gamma caps momentum.
Bitcoin was trading around $68,000 midday Wednesday, near the midpoint of the established range. The level reflects a market in consolidation as traders weigh macroeconomic signals and liquidity conditions.
Deribit’s playbook outlines four tactical scenarios for market participants. A rejection near $82,000 could favor bearish option spreads targeting renewed weakness. A clean breakout above $82,000 may justify call spreads aimed at the $85,000 to $90,000 band.
If Bitcoin tests $60,000 and rebounds, analysts suggest asymmetrical long positioning to capture a bounce. However, a breakdown below $60,000 would likely signal the start of a deeper corrective phase.
The options market structure suggests volatility could rise sharply if key thresholds fail. Traders are closely watching the $60,000 support and $82,000 resistance as pivotal levels for the next directional move.
For now, Bitcoin remains trapped within its established corridor. As long as prices hold between $60,000 and $82,000, range trading may dominate. A decisive breach on either side would likely redefine the short-term outlook for Bitcoin.