Recently, Bitcoin's movement has been quite interesting — the price is stuck in what seems like a pre-arranged range, barely moving within 48 hours. Rather than being a consolidation, it's more like being trapped by the forces of the options market.

Let's look at the current situation. The spot price is at $87,339, with the Gamma flip point at $88,985 (+1.9%). The key point is that GEX (Gamma Exposure) has jumped into a negative zone of -$108 million. What does this mean? Simply put, negative Gamma signals increased volatility. The market has lost its buffer.

Meanwhile, the price itself is sandwiched between two invisible walls: the lower floor is at $85,000 (-2.7%), and the upper ceiling is firmly at $90,000 (+3.0%). Traders are hedging back and forth within this range to maintain "balance." But this isn't true consolidation; it's a mechanical volatility framework.

The problem is, why can't it break above $90,000? The Gamma above the spot price is very intense, with long call positions reaching a ratio of 12.17 times. Behind this extremely bullish ratio, long-term holders are closing their call options. Traders are still holding onto their long calls tightly. When the price approaches $90,000, options market makers are forced to sell spot to hedge risk — which is why every rebound gets "knocked back."

However, the downside risk is temporarily protected. Gamma is concentrated around the $85,000 bottom area, forming a natural support. As long as the price doesn't break below this line, the options market will provide reverse support.

In simple terms, Bitcoin's current movement is dominated by the "mechanical locking" of the options market. Releasing this constraint requires external catalysts; otherwise, it will just be a tug-of-war within this framework.