Bitcoin Price Range Tightens as Onchain Support and Options Expiry Shape Market

$BTC continues to trade in a narrow range as strong onchain support and heavy derivatives positioning keep volatility low. Btc recently rebounded from its 128-day moving average near $74,500, but remains below key resistance around $77,000, including the true market mean and short-term holder cost basis.

Data shows Bitcoin is closely tracking the 2026 realized price near $76,200, a level seen as the average cost basis of coins moved this year. This has acted as a key reference point for market direction since April, similar to how the 2023 realized price supported the market during earlier declines.

Attention is now on the $6.6 billion Deribit options expiry set for May 29. Large open interest is clustered at the $75,000 put and $80,000 call strikes, encouraging market makers to keep price action contained between these levels to limit risk exposure.

Glassnode data shows more than 15% of Bitcoin supply sits between $74,000 and $83,000, highlighting heavy accumulation in this zone. This dense supply region, combined with options positioning, continues to suppress volatility and keep Bitcoin in a tight consolidation phase.