PANews reported on April 26 that, according to on-chain data analyst Murphy, combining three core data points—option Gamma exposure, strike price open interest (OI), and at-the-money implied volatility (IV)—$80,000 is the first key resistance level for BTC, and also a crucial juncture for the May market.

This price level simultaneously exhibits characteristics of high open interest in call options, positive Gamma, and low implied volatility (IV): during price increases, market makers' dynamic hedging operations are prone to creating concentrated selling pressure, while the low IV level further amplifies the sensitivity of hedging and position adjustments. Data shows that $80,000 corresponds to approximately 7,200 BTC in open interest (OI) with a positive Gamma, resulting in a significant suppressive effect.

Murphy also pointed out that $80,000 is not the absolute top of this round of BTC price movement. Once the price effectively breaks through this level and approaches $82,000, the market will quickly switch from a state of pressure and consolidation to a phase of significantly increased volatility due to the larger negative Gamma exposure in that area.