PANews April 26 news, on-chain data analyst Murphy stated that the three core data points of aggregated options Gamma exposure, open interest (OI) at strike price and at-the-money implied volatility (IV) indicate that $80,000 is currently the first key resistance level above BTC, as well as an important milestone for May's market.

This price level also features high open interest for call options, positive Gamma, and low IV characteristics: during the price increase process, market makers' dynamic hedging operations can easily create concentrated selling pressure, while a lower IV level will further amplify the sensitivity of the hedging adjustments. Data shows that $80,000 corresponds to approximately 7,200 BTC of OI with positive Gamma scale, significantly exerting a suppression effect.

Murphy also pointed out that $80,000 is not the absolute top for BTC in this round of market. If the price effectively breaks through this level and approaches $82,000, due to a larger negative Gamma exposure in that area, the market will quickly switch from a pressured oscillation state to a phase of significantly increased volatility.

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