BTC Near $75,000 Key Option Level; Gamma Squeeze Possible on Breakout

QCP Capital's analysis notes that approximately 8,000 open interest contracts (BTC-27MAR26-75K-C) are clustered around the $75,000 strike price for BTC’s month-end expiration. If the price breaks above this level, market makers may be forced to hedge via near-term call options or spot positions, potentially triggering a gamma squeeze that amplifies upward momentum. Currently, $74,500 serves as a key resistance level, with a concentrated cluster of short liquidations awaiting activation. Meanwhile, escalating geopolitical tensions are driving continued expansion of on-chain liquidity. Rising tensions related to Iran have prompted more users to turn to on-chain solutions for cross-border liquidity, pushing USDC supply to a record high of $81.1 billion last week, contributing to overall stablecoin supply growth. On the institutional front, Bitcoin spot ETFs have recorded five consecutive days of net inflows, with BlackRock’s ETF posting three straight weeks of net inflows, accumulating a total of $1.75 billion. Strategy has also continued to increase its BTC position. Currently, BTC and ETH are trading above $74,000 and $2,270 respectively, diverging from the performance of equities and gold.