The Bitcoin market recorded a significant rally in April, with prices rising by more than 14%. In this first month of the second quarter of 2026, the leading cryptocurrency reached a local peak of $79,000 before entering the current mini-consolidation. As prices remain within a certain range, data from the Bitcoin options market has underlined traders’ expectations, including a possible short squeeze.
Call positioning rises to $80,000 to create resistance zone
In one X message On May 1, analytics platform Glassnode shared an insightful update on Bitcoin options following an overall positive performance in April. This month, Glassnode analysts reported that implied volatility fell significantly, with short-term volatility expectations (1W) falling 16 points and longer-term volatility expectations (6M) falling 8 points. After the April rally, this data largely indicates that traders no longer expect immediate explosive moves.
Bitcoin remains within range after April’s rally and rejection just below 80K.
Here’s what Bitcoin options data reveals about positioning, volatility expectations, and market sentiment beneath the surface. pic.twitter.com/iEIskzslZ4
— glassnode (@glassnode) May 1, 2026
Interestingly, realized volatility confirms this idea as it is in line with the implied volatility trend. Reduced realized volatility is key to preventing traders from hedging heavily, reinforcing a repeating cycle of low volatility. In other developments, traders are piling up calls (upside bets) at $80,000, signaling renewed confidence that the price will retest this barrier after two previous rejections in April. Glassnode noted that demand for puts (sell bets) had declined in April, but reversed sharply as prices approached the $80,000 zone.
However, amid renewed low volatility, traders seemed assured of a return to this level, which is developing into major psychological and technical resistance.
The game to $82,000
Another key on-chain metric shared by Glassnode is the Bitcoin Options Gamma Exposure, which measures how dealers’ hedging activity is positioned around key strike prices and how that positioning can impact price stability or volatility.
Consistent with the data shared, a $2.5 billion concentration of negative gamma in the $82,000 region suggests that market makers are likely to hedge in a way that amplifies price movements – by selling into declines and buying into rallies.
Therefore, if Bitcoin breaks out of its current range above $80,000, a surge in buying activity from traders hedging their risk could trigger a sharp price swing, potentially causing a short squeeze. At the time of writing, Bitcoin is trading at $78,175, up 2.44% in the past 24 hours. Meanwhile, daily trading volume stands at $32.96 billion, up 32.34% from the day before.