Bitcoin Stays Boxed Between $78,000 and $81,000 as $40.8 Billion in Options Open Interest Pins Price Action
Bitcoin briefly fell below $78,000 overnight, touched roughly $77,600, and then returned to trade near $79,000, with the market focusing on the $78,000-$81,000 range. The report says traders are treating the area around $78,300 as near-term support, while upside levels begin at $79,500 and then $81,000-$82,000. Options positioning is a major part of that range-bound setup: BTC options open interest stands at about $40.8 billion, with a large concentration around the $78,000 and $81,000 strikes. In the report’s framing, market makers tend to sell BTC as price approaches $81,000 and buy BTC as it nears $78,000, effectively keeping spot in a narrow band. Signals outside derivatives are mixed. Coin Bureau pointed to Bitcoin’s first golden cross since November 2025, with the 50-day moving average crossing above the 200-day moving average, while Benjamin Cowen said the more important test is whether BTC can print a higher high and reclaim the 50-week moving average. On-chain indicators remain more restrained. CryptoQuant said MVRV is approaching a key test at the 365-day moving average, and ARK Invest analyst David Puell said the market still needs a higher high and a higher low to confirm a true bottom. The report also cited Murphy’s research showing that long-term holders control about 14.74 million BTC, or roughly 74% of supply in circulation, a structure that may limit the chance of an extreme drop toward $30,000-$40,000 unless those holders start selling at scale.








