Traders bet on $80K retest; options setup favors squeeze

Glassnode sees tight range in April’s wake. Calls stack at $80,000. Negative gamma at $82,000 signals squeeze risk.

Implied vol fell. 1W down 16 points. 6M down 8 points. Realized vol matched the drop. Low vol fed on itself. Source: Glassnode options thread.

Traders loaded calls at $80,000 after two rejections. Put demand eased in April, then jumped near $80,000. The level turned into a psychological and technical wall. Source: Glassnode.

Gamma shows the risk. Dealers sit in negative gamma worth $2.5B around $82,000. They hedge by selling dips and buying rips. A break above $80,000 can force hedging flows and spark a short squeeze. Source: Glassnode.

Key points for Bitcoin options:
- Implied vol reset after the late-April rally. 1W -16 pts, 6M -8 pts Glassnode
- Call open interest clustered at $80,000. Puts revived near that strike Glassnode
- Negative gamma concentrated near $82,000. Breakout could accelerate via dealer hedging Glassnode