Support is there but it won’t move higher? The truth behind Bitcoin’s “$80k bottleneck” exposed

Since last week, Bitcoin has repeatedly challenged the $80k level but has failed to break through. On the surface, it seems to lack momentum, but in reality, there is an “invisible force” from the derivatives market secretly restraining the market rally.
On Deribit, the world’s largest cryptocurrency options exchange, a large concentration of call options (bullish options) at the $80k strike price is rapidly accumulating.
This massive options position forces market makers, who take the opposite side of these contracts, to sell spot Bitcoin in reverse when the price rises to hedge their risk. This hedging strategy, known as “Long Gamma,” effectively sets up a “ceiling” above the market, suppressing upward momentum; the higher the price climbs, the stronger the selling pressure becomes.
GSR Asset Management Managing Director Andy Baehr pointed out: “Many speculators believe that $80k is a relatively ‘safe’ high point, so they sell a large number of call options to earn premiums.” He explained that market makers who buy these options must continuously sell Bitcoin to hedge, ultimately creating a “web-like” price suppression effect.
This market dynamic perfectly explains why Bitcoin, despite rising over 12% since late March, has yet to convincingly break through $80k. Traders generally believe that unless there is strong buying in the spot market, Bitcoin will likely struggle to surpass this level before these options expire.

Even more awkward is that the “retail frenzy” that pushed Bitcoin above $120k at the end of last year has not yet returned. On-chain data and platform indicators show that the retail army that fueled the “violent bull market” back then is now mostly on the sidelines, either digesting losses or waiting for clearer trend signals.
Currently, institutional buying is filling the market gap: Wall Street is actively deploying in cryptocurrency and tokenized fund infrastructure, and Strategy is continuing to increase its purchases.
In other words, the current Bitcoin market “has support but lacks enthusiasm,” and in the absence of excitement, $80k is likely to be a heavy pressure zone rather than a catalyst for the next rally.
Additionally, due to the persistent bearish sentiment in the Bitcoin futures market and slowing spot demand, some traders are deciding to sell more call options to earn premiums, betting that Bitcoin will not break through $80k in the short term.
On Deribit, the most open interest in call options is at the $80k strike price, with the majority of positions expiring in late May and June. According to Kaiko, of the total $1.5 billion in nominal open interest in call options, $160 million will expire on May 1st; another $566 million will settle on May 29th.
As of writing, Bitcoin is still hovering around $77k.
CF Benchmarks Product Director Thomas Erdösi analyzed: “Looking at the expiring positions in May and June, there is indeed a continuous selling of call options in the market, with systematic rolling (closing near-expiry contracts and transferring to longer-dated contracts).”
However, he also added: “The options positioning is only part of the market picture. We also observe a clear profit-taking sell pressure around the $80k level.”
Finally, the volatility in traditional financial markets cannot be ignored. Senior derivatives trader Bohan Jiang from crypto broker FalconX warned that recent turbulence in the US stock market will inevitably impact the cryptocurrency market: