According to on-chain data from Glassnode, the $59k–$72k range of BTC positions has been cleared out, and BTC has entered a 'low-resistance upward channel.' This range previously held a lot of people's buy-in costs (positions), but now most of it has been sold off. There aren’t many positions left above to act as resistance and trigger sell-offs. However, there’s significant negative Gamma around the $75k level for BTC, meaning options market makers face dual-sided pressure at this price point. Any breakout or breakdown could amplify volatility. Options market makers have sold a lot of $75k call options. If the price moves up slightly, they’ll need to quickly buy BTC to hedge (the higher it goes, the more they’ll need to buy). If the price drops slightly, they’ll need to sell BTC quickly (the lower it goes, the more they’ll need to sell). As a result, any price movement could lead to 'big swings,' meaning if BTC breaks above $75k, it could quickly surge higher, while a drop below could lead to a sharp sell-off. (As for the actual trend, there are too many influencing factors—no one can predict it with certainty.)