Bitcoin has once again captured the attention of traders and investors as it flirts with new historic highs. As of today, October 6, 2025, the cryptocurrency is navigating uncharted waters, leaving market participants on edge and eager to understand what might come next. To shed light on potential future movements, we delve into three critical price levels that are garnering attention in the trading community.
$126,100: The Upper Boundary of Range
Bitcoin’s recent rally has brought it within striking distance of $126,100, a level that marks the upper boundary of a broadening range pattern that began to take shape in mid-July. This range, defined by connecting the highs of July 15 and August 14, represents a potential resistance point.
A reversal from this level could trigger a correction, potentially pulling prices back toward the lower boundary of the range. The trendline that marks this lower boundary is drawn from the lows of August 3 and September 1. Traders and analysts are keenly watching this area, as a failure to breach this upper boundary could mean a temporary halt in the upward momentum Bitcoin has been enjoying.
$135,000: The Gamma Squeeze Zone
The next level of interest is $135,000. Currently, market makers have a net long gamma position at this price point, as evidenced by the activity in Deribit-listed options tracked by Amberdata. In layman’s terms, when market makers are net long gamma, they typically opt for a strategy that involves buying on dips and selling on rallies. This approach helps them maintain a market-neutral position, thereby potentially dampening price volatility.
This hedging activity around the $135,000 mark could serve as a resistance point, making it difficult for Bitcoin’s price to surge past this level. However, it’s important to note that if the price does manage to break through, it could signal a shift in market sentiment, potentially leading to further bullish momentum.
$140,000: The Magnet of Open Interest
Finally, $140,000 emerges as a particularly intriguing level. Data from Deribit indicates that the $140,000 strike call is the second-most popular option on the exchange, with a notional open interest exceeding $2 billion. This substantial concentration of open interest can act as a magnet, drawing Bitcoin’s price toward it.
Notional open interest represents the total dollar value of active or open options contracts. A high open interest in call options suggests that many traders anticipate the spot price will approach or surpass this level. However, those who have sold these calls, often large institutional players, have a vested interest in keeping the price below this strike. Their hedging activities around this level can create significant resistance, potentially stalling Bitcoin’s upward trajectory.
Balancing Optimism with Caution
While the excitement surrounding Bitcoin’s potential to reach and surpass these levels is palpable, it’s crucial for traders and investors to maintain a balanced perspective. The cryptocurrency market is notorious for its volatility, and while the current technical indicators provide valuable insights, they don’t guarantee future performance.
Market participants should be prepared for both outcomes: a bullish breakout that could see Bitcoin climbing even higher, and a possible correction that might test the resolve of those currently long on the asset. It’s a delicate dance between optimism and caution, as those involved in the market weigh the potential rewards against the inherent risks.
Moreover, it’s worth considering the broader economic environment. Factors such as regulatory developments, macroeconomic trends, and technological advancements could all play a role in shaping Bitcoin’s journey in the coming months. Keeping an eye on these external influences will be just as important as monitoring price charts and technical levels.
Embracing the Unpredictable
In conclusion, as Bitcoin hovers near its all-time highs, the coming weeks promise to be both thrilling and unpredictable for the market. The levels of $126,100, $135,000, and $140,000 are more than just numbers on a chart; they represent psychological and technical battlegrounds where the future direction of Bitcoin could be decided.
Whether you’re a seasoned trader or a curious observer, one thing is certain: Bitcoin’s journey is far from over, and the cryptocurrency world will be watching closely as the next chapter unfolds. As always, those involved in the market would do well to stay informed, remain adaptable, and above all, embrace the unpredictable nature of this digital frontier.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
