Negative gamma reversal, market makers switch from smashing the order book to pushing the price up, this script is familiar.

CoinWorld News reports that 10x research says the options negative-gamma mechanism that has been pushing Bitcoin below $70,000 is reversing and may turn into a force that supports a rally. After BTC fell below $70,000, market makers were forced to sell, driving Bitcoin to a low of $65,705. Current largest negative-gamma positions in the options market are concentrated near the spot price, with a size of about $1.8 billion. Driven by factors including improving market sentiment, Iran-related agreements that reduce inflation-risk premium, and market expectations that Federal Reserve Chair Kevin Wirth will take a more dovish stance, the options structure could shift to become a force pushing a rebound.