Bitcoin caught between critical onchain support and an options showdown

Heavy supply concentration and large options positioning continue to suppress volatility and keep bitcoin range-bound. What to know : Bitcoin rebounded from its 128-day moving average near $74,500 It remains below key onchain resistance levels around $77,000, including the true market mean and short-term holder cost basis. Ahead of the $6.6 billion Deribit options expiry on May 29, large open interest at the $75,000 put and $80,000 call is incentivizing market makers to keep price action pinned within this range. More than 15% of bitcoin supply sits between $74,000 and $83,000.