Gate News reports that on March 16, crypto analyst Murphy analyzed GEX (Gamma Exposure) data expiring on March 20. There is approximately $180 million in Gamma exposure near $74,000, primarily in a Long Gamma structure (market makers tend to hedge in a way that suppresses volatility). In this environment, prices are more likely to fluctuate around $74,000, objectively creating resistance at that level.
Murphy pointed out that after the March 20 expiration date, until the next major expiration on March 27, the options structure shows a significant change. Call open interest (OI) is notably higher than put OI, indicating that a large amount of capital is betting on BTC rising toward $75,000.
Murphy believes that after the March 20 expiration, the options structure will make $75,000 the new focal point, shifting from “suppressing volatility” to “amplifying volatility,” with resistance approaching $80,000 and support forming around the $65,000–$67,000 range.
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