TLDR:

• Coinbase Institutional’s GEX report identifies $60,000 as the thickest BTC support zone in current market structure.
  
• Negative gamma between $60K and $70K could accelerate Bitcoin’s downside beyond what discretionary buyers anticipate.
  
• Positive gamma from $85K to $90K points to a slow, choppy grind rather than a sharp breakout for Bitcoin.
  
• The report favors call spreads over outright calls above $82K, reducing theta bleed during uncertain market conditions.

Gamma Exposure (GEX) is now part of Coinbase Institutional’s latest Bitcoin analysis report. The report combines options market data with key support and resistance levels. It identifies $60,000 and $82,000 as critical price zones for BTC.

The findings suggest that negative gamma could accelerate downside moves, while positive gamma above $85,000 may slow upside momentum. Traders are urged to adjust their strategies based on these dynamics.

Negative Gamma Raises Downside Risk Below $70K

Coinbase Institutional’s report introduces GEX as a tool that turns the options market into a hidden liquidity layer. It helps traders decide between range trades and breakout strategies. The metric tracks how options dealers hedge their positions when Bitcoin’s price shifts.

Gamma measures how quickly an option’s price sensitivity changes as BTC moves. When dealers are short gamma, they tend to buy as prices rise and sell as prices fall. This behavior can turn small price moves into sharper, faster trends.

The report shows a pronounced negative gamma band concentrated between $60,000 and $70,000. That setup means any move toward $60,000 could accelerate beyond what typical buyers expect. Liquidation-style cascades become more likely in this zone.

Support near $60,000 remains the thickest demand cluster in the current price structure. However, the GEX data advises against buying the initial selloff. Traders are better positioned to enter only after a confirmed reclaim of that level.

Positive Gamma Between $85K and $90K Signals a Slow Grind

Above $82,000, the gamma picture shifts toward stabilization. A breach and hold above $82,000 would suggest that supply at that level has been absorbed. From there, BTC would likely move toward the next liquidity bands higher up.

The $85,000 to $90,000 range carries meaningful positive gamma. In positive gamma zones, dealers sell into strength and buy into weakness. That pattern tends to reduce volatility and create a slow, choppy upward grind.

Because of this chop risk, the report favors call spreads over outright calls in an $82,000 breakout scenario. Call spreads retain convexity while cutting theta bleed during a grind. That trade structure fits an environment where the macro catalyst remains unclear.

For traders managing existing long portfolios, protective put spreads offer a cleaner hedge if $60,000 fails. Bear put spreads are preferred over outright short positions, given the elevated risk of sharp reversals.

The report concludes that the $82,000 level remains the key gate that must open before any sustained upside becomes probable.