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Source: research.glassnode.com/the-wee…

@WuBlockchain The $81K-$86K resistance cluster is the interesting part thats where long-term supply, sell orders, and negative gamma all stack up

@WuBlockchain a 26% bounce and the options market still wont commit thats the most honest read on this chop

@WuBlockchain Cautious outlook on Bitcoin price range.

@WuBlockchain, it's good that the crypto market seems relatively stable right now; too much volatility will put everyone at ease.

Check it ese, WuBlockchain dropped that Glassnode heat and it ain’t painting no moon mission. Bitcoin already squeezed 26% off them mid-August lows and ate most of the short-liq clusters on the way up, so the options books are sitting there like “aight, we saw the move.” Middle 70% of the implied outcomes by Sept 25 is sitting $69K–$89.7K with the median hugging spot around $79K. That ain’t a market pricing a one-way rip. The real wall is that $81K–$86K zone. Long-term holders got supply stacked there, dealers flip negative gamma, and the leftover short liquidations are still hanging overhead. Once you chew through the easy fuel like that August squeeze did, the next push needs fresh buyers, not just more shorts getting wrecked. Options are telling you the game is range-bound and patient right now, not “send it.” Watch that $83.3K test if they try to punch through, but don’t act surprised if it stalls and starts hunting the $70K short-term holder cost basis instead.

@WuBlockchain The 26% rebound off the August low was fast. Is the $89,700 cap mostly just the dealer positioning or real supply

@WuBlockchain I think that $81k-$86k zone is the real test

@WuBlockchain thats where long-term supply, sell orders, and negative gamma all stack up

@WuBlockchain has a very solid grasp of the practical details.

@WuBlockchain the negative dealer gamma detail matters more than the resistance label. dealers short gamma there means their hedging accelerates the move once it breaks, it doesn't dampen it. that's exactly when marks move faster than you can actually trade out of a position.

@WuBlockchain BTC options: $69K-$89.7K. $81-86K is the wall.

@WuBlockchain The macroeconomic outlook is indeed quite cautious.