Analysis shows that the support for Bitcoin at $88,000 to $90,000 has significantly weakened, and volatility may be amplified

On-chain data analyst Murphy posted, "The BTC funding structure has undergone significant changes: compared to January 12, the $88,000 Long Gamma has disappeared, turning into Short Gamma; the $90,000 still maintains Long Gamma, but the GEX (options Gamma exposure) has decreased from $1.2 billion to now $590 million, almost halving. This means that the support force generated by the funding structure in the $88,000 to $90,000 range has significantly weakened. In contrast, the GEX at $92,000 has reached as high as $1.4 billion, which will amplify BTC's volatility.

From the URPD data, the chip structure has not changed much, with a large amount of chips still accumulated in the $87,000-$92,000 range; therefore, this remains the strongest support zone currently and is not easily broken. However, if extreme situations occur that lead to a breach of this range, the probability of BTC filling the "gap" below will greatly increase. According to the "double anchor structure" principle, the middle position is around $72,000 to $74,000."