Coinbase: BTC volatility to rise between $60K-$70K, options data shows

An analysis from Coinbase Institutional suggests that Gamma Exposure (GEX), an options market indicator, has emerged as a key variable in determining Bitcoin's short-term price movements. GEX reflects how market liquidity is shaped by the hedging activities of options traders, with volatility being either suppressed or amplified depending on their gamma positions. The report identifies a major support level at $60,000 and strong resistance at $82,000. In a positive gamma environment, traders tend to sell into rallies and buy on dips, which typically reduces volatility and keeps prices range-bound. Conversely, a negative gamma environment is characterized by traders chasing upward moves and selling into downturns, which amplifies price swings. According to the analysis, the current BTC options structure has a distinct negative gamma zone between $60,000 and $70,000, indicating a potential for heightened volatility during a decline. Meanwhile, positive gamma is concentrated in the $85,000 to $90,000 range, making a sideways trend more probable than a sharp price surge.