Bitcoin Pinned Between $74.5K Onchain Support and $6.6B…

Bitcoin is trading in a tightly compressed range, caught between critical onchain support near $74,500 and a looming $6.6 billion Deribit options expiry on May 29. The largest cryptocurrency briefly dipped to $74,500 over the weekend before rebounding from its 128-day moving average — a level that held firm and reinforced its technical significance.

At current prices, BTC remains below two key onchain resistance levels clustered around $77,000: the true market mean and the short-term holder cost basis. Both are widely monitored as gauges of broader market sentiment and short-term positioning. Glassnode data shows more than 15% of bitcoin's circulating supply was acquired between $74,000 and $83,000, underscoring just how much capital is concentrated within this narrow band.

The options structure is adding another layer of gravitational pull.