BTC 15-minute rebound 0.47%: Option expiration gamma squeeze combined with technical support triggers short-term correction

Between 19:30 and 19:45 (UTC) on May 29, 2026, the BTC price rebounded from 73,335.3 USDT to 73,724.7 USDT, achieving a +0.47% gain within 15 minutes, with a 0.53% intraday amplitude. Against the backdrop of a 5.24% cumulative drop over 7 consecutive days and the Fear and Greed Index falling to 23 in the extreme fear range, this modest rebound suggests that the market is seeing buy-side follow-through near a key technical support level.

The main driver of this abnormal move is the Gamma squeeze effect triggered by options expiration. On May 29, a total of $6.25 billion in BTC options contracts expired, with open interest most concentrated in the $75,000 strike put options, while open interest was leading in the $80,000 strike call options. When the price stays above $75,000, a large amount of put options lose value and become worthless, forcing market makers to buy the underlying asset for hedging; meanwhile, CME Bitcoin monthly futures are set to expire on May 30, with multiple time points converging to amplify short-term volatility.

In addition, short covering has been intensified by the liquidation of previously concentrated long positions, further improving short-term supply and demand. Data shows that in the past 24 hours, total liquidations amounted to $81.28 million, of which 84.4%, or $68.64 million, came from long positions. After long positions are cleared, sell pressure is released, some shorts take profits, and algorithmic buying is triggered when the price reaches the lower end of the intraday range, forming a technical rebound. On-chain data also indicates that exchange-held BTC reserves are at their lowest level since December 2017; giant whales continue to accumulate positions, providing structural support for the price.

On the risk side, the spot Bitcoin ETF has recorded net outflows for 7 consecutive trading days. From May 27 to May 28, the cumulative net outflows totaled $759.6 million, sending a clear signal that institutional confidence is weakening. If the price breaks below the $71,400 support level, it may trigger the next round of sell-off. The current rebound still falls within the scope of a technical correction, and it is necessary to continue monitoring ETF fund flows, macro data, and whether key technical levels break through.