Been watching the current bitcoin price action closely, and there's something interesting brewing here. BTC just cleared two major levels that the pros pay attention to - the True Market Mean around $78.2K and the short-term holder cost basis at $79.1K. Now trading near $80.7K, which means most active traders are actually in the green. That matters because it usually signals bullish sentiment.

What caught my eye is the funding rate flip. For the last few months, these rates were deeply negative, meaning tons of people were shorting futures while buying spot. Classic arbitrage play. But that's shifted to neutral now, which suggests a lot of those short positions got closed out. If you're familiar with squeeze dynamics, you know what that means - fewer shorts to force cover could let this thing run higher.

There's also this gamma situation in the options market around $82K. Market makers are sitting with short gamma exposure, which forces them to hedge by buying as price climbs. It's like a built-in bid under the market right now. Glassnode noted that if BTC can stay above these levels through the coming week, we'd be looking at one of the shortest 'deep value' periods since early february 2026. The next real resistance is around $85.2K - that's where the Active Realized Price sits.

The setup looks constructive, but here's the thing - bitcoin still moves with tech stocks. If equities suddenly go risk-off, all this technical setup gets thrown out the window pretty quick. So yeah, $85K is definitely in play if the macro backdrop holds, but it's not guaranteed. Just watching the current bitcoin price and these three signals align in the same direction for once.