Bitcoin caught between critical onchain support and an options showdown
Heavy supply concentration and large options positioning continue to suppress volatility and keep bitcoin range-bound.
What to know:
- Bitcoin rebounded from its 128-day moving average near $74,500
- It remains below key onchain resistance levels around $77,000, including the true market mean and short-term holder cost basis.
- Ahead of the $6.6 billion Deribit options expiry on May 29, large open interest at the $75,000 put and $80,000 call is incentivizing market makers to keep price action pinned within this range.
- More than 15% of bitcoin supply sits between $74,000 and $83,000.
In February, when bitcoin plunged to nearly $60,000, the market found support close to the 2023 realized price, reinforcing the growing importance of these cohort cost-basis levels in shaping market structure.
This weekend, the largest cryptocurrency briefly dropped to $74,500 before rebounding from its 128-day moving average, another closely watched technical level.
At its current price, bitcoin is trading below two major onchain metrics clustered around $77,000: the true market mean and the short-term holder cost basis. Both levels are widely monitored as indicators of broader market sentiment and short-term positioning.
Attention is also turning toward the May 29 options expiry on Deribit, where roughly $6.6 billion in open interest is set to expire.
