Bitcoin caught between critical onchain support and an options showdown Heavy supply concentration and large options positioning continue to suppress volatility and keep bitcoin range-bound.
What to know: – Bitcoin rebounded from its 128-day moving average near $74,500 – It remains below key onchain resistance levels around $77,000, including the true market mean and short-term holder cost basis. – Ahead of the $6.6 billion Deribit options expiry on May 29, large open interest at the $75,000 put and $80,000 call is incentivizing market makers to keep price action pinned within this range. – More than 15% of bitcoin supply sits between $74,000 and $83,000
The price of bitcoin The realized price is the average onchain acquisition cost of all bitcoin that last moved within a specific year. In other words, it reflects the aggregate cost basis of market participants from 2026, and some market participants see it as a more meaningful gauge than traditional psychological support or resistance price levels. In February, when bitcoin plunged to nearly $60,000, the market found support close to the 2023 realized price, reinforcing the growing importance of these cohort cost-basis levels in shaping market structure.
This weekend, the largest cryptocurrency briefly dropped to $74,500 before rebounding from its 128-day moving average, another closely watched technical level. At its current price, bitcoin is trading below two major onchain metrics clustered around $77,000: the true market mean and the short-term holder cost basis. Both levels are widely monitored as indicators of broader market sentiment and short-term positioning.