Analysis: After breaking through the options mechanism that underpins Bitcoin’s $70,000 support, it is reversing, and the market may see a rebound.

Deep Tide TechFlow News, June 15th, 10x Research published an article stating that the options market mechanism driving Bitcoin below the $70k support level is changing, and may even shift to support a rally. After BTC fell below $70k, the negative Gamma effect in the options market amplified the decline. Market makers short Gamma were forced to sell during the downturn, causing the market to evolve from a normal pullback into a series of liquidations, with Bitcoin dropping as low as $65,705. Now, this mechanism has not disappeared but has shifted to a new critical position.

Currently, the largest negative Gamma position in the Bitcoin options market is near the current spot price, with a scale of about $1.8 billion. If the price fluctuates, market makers' hedging actions could once again amplify the trend. Driven by improved market sentiment indicators, the potential reduction of inflation risk premiums related to Iran agreements, and market expectations that the new Federal Reserve Chair will adopt a more dovish stance, the options structures that previously caused Bitcoin to decline may be transforming into forces that support a rebound.