ChainThink reports that, according to crypto analyst Murphy, as of March 16, the GEX (Gamma Exposure) expiring on March 20 shows approximately $180 million in Gamma exposure near $74,000, structured as Long Gamma. Under these conditions, market makers’ hedging behavior typically suppresses volatility, causing price to oscillate more easily around this strike price, thereby creating objective resistance near $74,000. However, after March 20, by the next major expiration date on March 27, the options structure has changed significantly: Call open interest is markedly higher than Put open interest, indicating that substantial capital is positioned for a BTC price rise toward $75,000.
Murphy believes that after the March 20 expiration date, the BTC options structure will make $75,000 the new focal point, shifting from previously "suppressing volatility" to "amplifying volatility," while creating resistance as price moves upward toward $80,000 and providing support as price declines into the $65,000–$67,000 range.