Coinbase Warns of Bitcoin’s Volatility: The GEX Metric Between $60K and $90K

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The gory tale of Bitcoin‘s fate is now written in gamma, dear reader-prepare for sharp declines, or perhaps, slow-motion glory. Who knows?

Bitcoin’s price, that poor, unpredictable creature, is currently caught in a pitiful dance between the unyielding support at $60,000 and the ever-dominating resistance at $82,000. And what, pray tell, has Coinbase introduced to shed some divine light on this dance? A new tool, of course: the Gamma Exposure (GEX) metric. The answer, as always, lies in the numbers, or in this case, the metrics!

Support at $60K Faces Gamma Pressure While Resistance Looms Near $82K

Earlier this month, Coinbase was kind enough to share its shiny new heatmap-something straight from their BTC Playbook. The heatmap, an aggregation of pivotal price points, formed price bands that reflect market history. The blue zones are not just for show, no-these are where buyers have repeatedly stepped in, while the grey zones bear the mark of resistance. The hottest demand zone rests just under $60,000, and the first significant supply zone lurks near $82,000. In other words, it’s like a high-stakes chess game-except the pieces are fluctuating wildly with each move.

Ah, but the price structure alone tells us little about the true nature of market forces. For that, Coinbase kindly brings us the GEX metric, to reveal the secret dealings of the options market and the men behind the curtain. For you see, options dealers, those wily figures, respond to price changes by adjusting their positions-buying or selling Bitcoin, futures, or perhaps a soul or two. These hedging moves, while not the most elegant, shape the market’s short-term destiny.

Image Source: X/Coinbase

When gamma exposure is positive, dealers act as if they were part of some grand carnival-selling into price rises and buying when it falls, smoothing the way for Bitcoin’s seemingly gentle price path. In short, they reduce volatility and keep Bitcoin in check. How kind of them!

But oh, when gamma exposure turns negative, the dealers turn into something more ominous. They must buy into strength and sell into weakness, creating a feedback loop so vicious, one might think it’s drawn from a Dostoevsky novel. The market’s swings become amplified, with breakouts growing fiercer and sell-offs far more brutal.

In short, dear reader, GEX reveals whether Bitcoin’s movements will be muted by the calming hand of the options market or exacerbated by the volatility-fueled frenzy of those who hedge.

Bitcoin’s Price Structure Tightens as Options Market Reveals Asymmetric Risk

At present, Bitcoin’s fate rests on two key levels: resistance at $82,000 and support at $60,000. According to Coinbase, this is where the options market makes its move. Volatility is not just a possibility-it’s practically a given, depending on which way the wind blows at these price levels.

Coinbase’s GEX metric reveals something particularly unsettling. Between $60,000 and $70,000, the gamma exposure is negative, a truly sinister combination. But beyond $85,000 and $90,000, it turns positive. This creates a situation in which a price drop to $60,000 could be rapid, while an upward move toward $90,000 could be choked by the calming forces of the positive gamma. Such is the nature of asymmetry in the market’s heart.

Image Source: X/Coinbase

But, should Bitcoin break above $82,000, the whole outlook changes. Reclaiming that price would mean that the sellers have been silenced, and the market would push forward into higher liquidity zones. Yet, the GEX metric signals a possible chop between $85,000 and $90,000, as the dealers’ hedging tactics act as dampeners on volatility. The price might crawl higher, but will it ever race forward?

And let us not forget the support at $60,000, that critical point where demand has gathered in thick, generous clusters. If Bitcoin plunges below this level, however, the consequences could be swift and severe-much like a tragic hero’s fall.

Coinbase’s GEX metric, then, adds a layer of understanding to the classic support-and-resistance game. It paints a clearer picture of the risks and probabilities. Between $60,000 and $90,000, Bitcoin’s fate is being shaped in ways that the average trader could scarcely imagine. A volatile cycle is afoot, and we stand at the crossroads of chaos or calm. Will Bitcoin soar or tumble? The answer lies in the gamma.

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2026-02-25 15:05