BTC up 0.41% in 15 minutes: A technical rebound layered with the options Gamma anchoring effect drives a short-term repair

From 12:15 to 12:30 UTC on May 27, 2026, BTC recorded a +0.41% gain, with a trading range of 75,568.8-76,162.6 USDT and a 0.79% amplitude. This move runs counter to the day’s broader market pressure (about a 1.8% drop over 24 hours), indicating buy-side participation during a specific period or a temporary easing of selling pressure. The Crypto Fear & Greed Index is at 33 in the fear zone, and market volatility is significantly elevated.

The main drivers behind this unusual move are the combined effects of technical rebound demand and the options Gamma anchoring effect before options expiration. After Bitcoin fell about 2.6% from its intraday high of $77,981.29, it approached the important on-chain support zone of $75,000-76,000, triggering buy-the-dip demand. At the same time, options contracts worth $6.6B on an exchange are set to expire on May 29, with a large concentration of open interest in $75,000 put options and $80,000 call options. Gamma exposure near the strike prices prompts market makers to adopt defensive strategies, and short covering at certain points temporarily pushes prices higher. In addition, the marginal impact of continuous institutional buying resonates with the low-leverage environment.

Between May 19 and May 22, Strive continuously bought 1,109 BTC at an average purchase price of about $76,989. Although the timing was slightly earlier than the anomaly period, its demonstration effect strengthened market expectations for bottom support. Meanwhile, on May 27, the open interest rate for futures remained stable at $56.12B, with no signs of aggressive leverage. In a low-leverage environment, after a phase of selling pressure exhaustion, even a small amount of buying can push prices back up.

Risks from current volatility still need to be watched closely. ETF net outflows have continued for seven consecutive days, totaling $1.63B, as institutional investors systematically reduce their Bitcoin exposure, creating ongoing pressure. From a technical perspective, BTC continues to trade below the 200-day moving average (around $83,000), meaning the medium-term bearish structure remains unchanged. The options expiration on May 29 will become a key point to monitor and could break the current range-bound consolidation pattern. The effectiveness of on-chain support in the $70,000-75,000 range will be a crucial reference for judging the short-term bottom. Attention should be paid to subsequent fund flows and changes in macro liquidity.