Bitcoin has rebounded from the 128-day moving average around $74,500 but remains below key on-chain resistance levels near $77,000, including the Realized MA and the short-term holder cost basis. Ahead of the $6.6 billion Deribit options expiration on May 29, substantial open interest in $75,000 puts and $80,000 calls has prompted market makers to keep prices confined within this range. Additionally, over 15% of Bitcoin’s supply is concentrated between $74,000 and $83,000.
Bitcoin price fluctuations are constrained by supply concentration and options positions.
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Summary
Today, Bitcoin’s price rebounded from the 128-day moving average near $74,500 but remains below the on-chain key resistance level of approximately $77,000. With over 15% of Bitcoin’s supply concentrated between $74,000 and $83,000, price movement is constrained. The options market shows significant open interest in $75,000 put and $80,000 call contracts ahead of the $6.6 billion Deribit expiry on May 29, keeping Bitcoin’s price today within a narrow range.
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