BTC faces greater downside risk despite reclaiming $60K, says analyst

Bitcoin faces greater downside risk despite recovering to the $60,000 level, according to an analysis by Adam, an analyst at Greeks.live. In a post on X, he explained that gamma exposure (GEX), which measures the volume that options market makers must buy or sell in response to price changes, is currently concentrated around the $60,000 mark. With the price repeatedly moving within this key range, both call and put option positions have accumulated at this level. He noted that put options are concentrated in the $55,000 to $60,000 range, while a vacuum of positions exists below $55,000. This suggests that if the $55,000 support level were to break, the subsequent decline could accelerate significantly. "Overall, the downside risk is greater than the upside potential," Adam argued, adding that macroeconomic uncertainty and capital outflows from U.S.-based funds are also weighing on the market. Consequently, he concluded that a selling strategy is more advantageous at present.