- Bitcoin held above $75K-$76K support after slipping below $78K from recent local highs.
- Options skew stayed in put territory, showing traders preferred downside protection after $82K.
- A $3.2B short gamma cluster near $75K keeps the same support zone central to price action.
Bitcoin remained above a key support zone between $75,000 and $76,000 after slipping back below $78,000. Market analyst Ted Pillows said the area remains critical for bulls, with a sustained hold keeping a rebound toward $79,500 to $80,000 in focus.
Bitcoin’s $75K Support Zone Becomes the Key Bullish Test
The shared BTC/USDT chart showed price consolidating above the green demand band. That area previously acted as a breakout zone, making it an important short-term level after the pullback from the $82,000 region.
The next resistance levels sit near $79,500 and $81,400, according to the chart. A heavier supply zone remains around $84,000 to $85,000. However, the downside structure is also clear. A loss of the $75,000 area would place $73,000 and $71,000 back into focus.
Options Traders Stay Defensive After BTC’s $82K Rejection
Glassnode data showed that volatility expectations continued to cool after the rejection near $82,000. Per the data, one-week implied volatility fell to about 31%, down from 39% earlier in the week. Longer-dated implied volatility also moved slightly lower.
The decline suggests traders are pricing a quieter near-term environment, even as positioning remains defensive beneath the spot price. Similarly, options skew remained in put territory after the rejection. The one-week 25-delta skew briefly reached 24% before easing.
That means puts continued to trade at a premium over calls, showing stronger demand for downside protection than upside exposure.
Short Gamma Cluster Raises Pressure Around Bitcoin’s $75K Level
Glassnode also pointed to a large short gamma cluster near $75,000, with about $3.2 billion in negative exposure below spot. That structure places more attention on the same support area highlighted by the chart.
Positive gamma clusters near $78,000 and $80,000 could also act as resistance, according to the options data. Flows over the past seven days leaned defensive. Put buying slightly led activity, while call selling also stayed elevated at 25.7%.
Together, the chart and options market show a narrow setup. Bulls are defending support, while derivatives traders remain cautious.
Related: Bitcoin Longs at Highest Since 2023, But Spot Demand Weakens—What’s Next?
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