Coinbase Introduces GEX Metric, Warns of Volatility Between $60K and $90K

Negative gamma below $70K risks a sharp downside, while positive gamma near $90K may slow Bitcoin’s upside momentum.

Bitcoin’s price structure is tightening between heavy support near $60,000 and resistance around $82,000. Market participants now face a choice between range trading and breakout positioning. Coinbase has added a new layer to that decision with its gamma exposure (GEX) metric.

Support at $60K Faces Gamma Pressure as Resistance Builds Near $82K

Earlier this month, Coinbase shared a custom heatmap from its BTC Playbook. Report aggregated major pivot points and high-volume areas into price bands. Blue zones mark repeated support, while grey zones flag repeated resistance. The densest demand cluster currently sits near $60,000, while the first strong supply band forms near $82,000.

Those price levels reflect areas where liquidity tends to gather. They show where buyers and sellers previously committed size. Yet price structure alone does not reveal how derivative flows may shape short-term moves. For that reason, Coinbase introduced gamma exposure as an added signal.

Image Source: X/Coinbase

Gamma exposure explains how options dealers respond to changes in Bitcoin’s price and how their hedging can move the market. When Bitcoin moves, dealers must adjust their positions to control risk. They usually do this by buying or selling Bitcoin or futures. Those hedging trades can influence short-term price action.

When gamma exposure is positive, dealers tend to sell as prices rise and buy as prices fall. That behavior acts like a shock absorber. It reduces price swings and increases the likelihood that Bitcoin trades within a range.

When gamma exposure is negative, dealers must buy into strength and sell into weakness. That creates a feedback loop. Price moves can accelerate, making breakouts stronger and sell-offs sharper.

In simple terms, GEX helps traders judge whether the options market is likely to stabilize Bitcoin or amplify volatility.

Bitcoin Structure Tightens as Options Market Signals Asymmetric Risk

Bitcoin’s price structure is currently defined by two major levels: resistance near $82,000 and support around $60,000. According to Coinbase, options market positioning suggests volatility could intensify depending on how the price reacts at those levels.

Gamma exposure data shows a concentrated negative gamma band between $60,000 and $70,000. Above the market, positive gamma pockets appear around $85,000 and $90,000. That positioning creates two distinct tendencies: downside into $60,000 may accelerate, while upside toward $90,000 may slow and consolidate.

At the same time, failure to hold above $82,000 would reinforce that level as firm resistance. In that case, breakout buyers risk getting trapped as mean reversion takes control. Options flows do not show a strong stabilizing gamma pocket near that level, increasing the probability of a pullback after first touch.

Image Source: X/Coinbase

On the other hand, acceptance above $82,000 changes the outlook. Reclaiming that level as support would suggest supply has been absorbed and opens the path toward higher liquidity bands.

However, a positive gamma between $85,000 and $90,000 implies potential chop. In that zone, dealer hedging tends to reduce volatility by selling strength and buying weakness. As a result, the price may grind higher rather than accelerate.

Support near $60,000 is equally important. The area represents the thickest nearby demand cluster. Yet a negative gamma between $60,000 and $70,000 warns of sharp swings. A flush below $60,000 could extend quickly before stabilizing.

Coinbase’s GEX metric adds a derivatives lens to traditional support-and-resistance analysis. The combined framework frames $60,000 as the critical floor and $82,000 as the key ceiling. Movement inside the $60,000 to $90,000 range may define the next phase of Bitcoin’s cycle.

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