BTC shows no market panic despite breaking key options support

Bitcoin has broken below a key options support level, but the market is not showing signs of panic, according to Greeks.live analyst Adam. In a post on X, Adam noted that while BTC has fallen out of the dense Gamma Exposure (GEX) zone, implied volatility (IV) remains below 40%. Gamma Exposure refers to the volume of assets that options market makers must buy or sell in response to price fluctuations, with the GEX zone often acting as a support level. Adam explained that the IV for major expiry options is holding under 40%, and IV for longer-term expiries is also declining. "The structure of options positions is expected to be reorganized ahead of the May options expiry on May 29," he said. "However, there is currently little demand from large position holders for hedging against further downside."