Analyst: $80,000 is the key resistance level for BTC, and a breakout could trigger amplified volatility

BlockBeats reports that on April 26, on-chain data analyst Murphy stated that by combining data from option Gamma exposure, open interest (OI) at strike prices, and at-the-money implied volatility (IV), $80,000 is currently the first key resistance level above for BTC. This level features high Call OI, positive Gamma, and low IV. During a price increase, dynamic hedging by market makers can easily lead to selling pressure, while lower IV amplifies the sensitivity to portfolio rebalancing from hedging.

Data shows that this price level corresponds to about 7,200 BTC in OI combined with positive Gamma, making $80,000 an important interim resistance level for BTC in May. However, the analysis indicates this is not the absolute top. If the price breaks through and approaches $82,000, the market may rapidly shift from being under pressure to entering a stage of heightened volatility, due to a larger scale of negative Gamma (about 4,644 BTC OI) in that region.