Analysts at Coinbase Institutional have identified key price levels for the leading cryptocurrency. The main support zone is around $60,000, while the first strong resistance is at $82,000.
— Coinbase Institutional 🛡️ (@CoinbaseInsto) February 24, 2026
Experts also assessed gamma exposure (GEX), which reflects the behavior of market makers in the options market as asset prices change. Depending on the situation, these participants can either dampen volatility or amplify trends.
The analysis revealed two potential market states:
- Growth Slowdown. In the $85,000 to $90,000 range, positive gamma prevails. This means market makers will sell the asset on rises and buy on dips. If Bitcoin holds above $82,000, its movement toward $90,000 will be slow and unstable due to ongoing selling resistance.
- Accelerated Decline. Negative gamma is concentrated in the $60,000 to $70,000 zone. If the price drops, hedgers will be forced to increase sales, leading to a sharp decline toward the $60,000 support level.
Based on this data, Coinbase outlined four scenarios:
- Rebound from Resistance. If the digital gold fails to break through $82,000, the price is expected to pull back.
- Breakthrough of $82,000. Holding this level will turn it into support. However, further growth toward $90,000 will be accompanied by frequent pullbacks.
- Drop to $60,000. Analysts advised against trying to catch "falling knives" due to the risk of sharp fluctuations. Long positions should only be opened after a confirmed rebound from $60,000.
- Breakdown below $60,000. Losing this level will trigger cascading sell-offs. The downward movement will be faster than traders expect. In this case, risk hedging becomes a priority.
Bitcoin Rebound
The dominance of sellers in the derivatives market and reduced leverage are improving Bitcoin's market health in the long term, according to CryptoQuant analyst Gaah.
Bears Dominate Bitcoin Futures Market
— CryptoQuant.com (@cryptoquant_com) February 25, 2026
“The futures market has been in high leverage for 16 months, and since BTC's last ATH, excessive leverage has been declining. Price declines force capitulation, impacting leverage health, which is positive for the long term.” – By @gaah_im pic.twitter.com/qY93O6XAfo
According to him, funding rates have turned negative. The first cryptocurrency is forming a bottom in the $62,000 to $68,000 range. The analyst noted that at the previous local minimum around $80,000, the indicators remained predominantly positive.
Since July 2025, selling has dominated the market. Buy limit orders merely absorb active supply, while current selling pressure has reached a three-month high.
The expert emphasized that the futures market has maintained high leverage for 16 months. However, after Bitcoin reached its all-time high, excessive leverage began to decline.
The price drop triggered trader capitulation. Gaah views this as a positive signal: forced position closures eliminate excess debt, which is necessary for sustainable long-term market growth.
Max Pain
On February 27, 115,000 Bitcoin options will expire on the Deribit exchange, with a notional value of $7.49 billion.
🚨 Options Expiry Alert 🚨
— Deribit (@DeribitOfficial) February 26, 2026
At 08:00 UTC tomorrow, over $8.8B in crypto options are set to expire on Deribit.$BTC: ~$7.8B notional | Put/Call: 0.76 | Max Pain: $75K $ETH: ~$961M notional | Put/Call: 0.77 | Max Pain: $2,200
Call OI dominates across both assets, with BTC carrying… pic.twitter.com/5r8MjeQtJ9
The "max pain" point is at $75,000, with a put/call ratio of 0.76.
The notional value of Ethereum contracts set to expire soon has reached $886 million, with a max pain point at $2,200 and a put/call ratio of 0.78.
Analysts at Glassnode have noted a shift in positioning in the derivatives market. The heatmap shows an increase in negative gamma at the current price level and below, while the upper barriers of positive gamma are gradually thinning.
Experts warned that as long as Bitcoin remains in the negative gamma zone, hedging by market makers could increase price volatility.
Recall that on February 24, analysts at Santiment reported that Bitcoin's correlation with stocks has reached a new low since 2022.