Bitcoin Tests $60,000 Support as Options Gamma Shows Resistance Near $82,000

Bitcoin's brief rally above $66,000 following U.S. President Donald Trump's State of the Union address did not alter a market structure showing strong support near $60,000 and initial resistance around $82,000, Coinbase Institutional said. Options dealers' gamma exposure is notably negative between $60,000 and $70,000, with positive gamma pockets near $85,000 and $90,000, implying declines toward $60,000 could accelerate while advances toward $90,000 may face consolidation. Analyst Axel Adler Jr. noted Realized Cap has fallen for a second consecutive month, dropping roughly $33 billion from a peak of $1.127 trillion in November 2025 to around $1.094 trillion, with the 30-day Realized Cap Net Position Change remaining negative. Glassnode reported the 90-day moving average of the Realized Profit/Loss Ratio is below 1, a regime that has historically persisted for months before liquidity improved, while Santiment said on Wednesday that bullish commentary across X, Reddit and Telegram hit a four-week high after Trump's speech but cautioned this optimism has previously coincided with stalled rallies.