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Points of Focus
- Bitcoin fell below $64,000 to trade at $63,840.31 on Tuesday.
- BTC options show the largest negative gamma pocket at $60,000 and strongest positive gamma at $70,000.
- July CPI lands Wednesday, with headline inflation expected at 3.4% and core CPI at 2.5%.
Bitcoin traded at $63,840.31 on Tuesday after slipping below $64,000 ahead of the US July inflation report. The move brought BTC closer to a key options zone where dealer hedging could intensify downside volatility, as US spot ETFs flipped to outflows and Strategy disclosed another weekly Bitcoin sale.
Bitcoin options put $60K gamma pocket in focus
Greeks.live data shows Bitcoin options gamma clustered from the low $60,000s to the low $80,000s. The largest positive gamma exposure sits at $70,000, while the main negative gamma pocket is centered near $60,000. Smaller positive concentrations appear around $67,000 to $68,000, $72,000, $78,000 and $80,000, with much of the positioning spread across August, September and December expiries. Greeks.live said the figures exclude IBIT options, meaning the distribution doesn’t capture the full Bitcoin-linked options market.
BTC options positioning remains concentrated across the $65k–$80k region, with the largest positive gamma exposure centered at $70k. Additional concentrations are visible around $67k–$68k, $72k, $78k, and $80k, leaving the positive gamma profile distributed across several nearby… pic.twitter.com/gnjRax2zrB
— Greeks.live (@GreeksLive) August 10, 2026
Under standard dealer-hedging assumptions, positive gamma can dampen price swings, while negative gamma can amplify them. With Bitcoin near $63,840, BTC sits closer to the $60,000 negative gamma zone than the dominant $70,000 positive gamma cluster. The positioning data does not set a $60,000 price target, though hedging around that strike could have a larger effect if Bitcoin extends lower.
Bitcoin price tests support before July CPI
Bitcoin is trading below several key moving averages, including the 20-day EMA at $64,192.90, the 50-day EMA at $64,509.60 and the 100-day EMA at $64,578.80. The 200-day EMA sits nearby at $64,502.60, leaving resistance clustered around $64,500 to $64,600.
Momentum remains soft but not oversold, with the 14-day RSI at 48.14. The $60,000 area remains the next major round-number level below current prices, matching the negative gamma concentration highlighted by Greeks.live.
The macro trigger arrives Wednesday. The Bureau of Labor Statistics will release July CPI at 8:30 a.m. ET on Aug. 12. Economists polled by Reuters expect headline inflation to ease to 3.4% year over year from 3.5% in June, with core CPI at 2.5% versus 2.6% previously. The report follows a July payroll reading of minus 23,000 jobs, weakening the case for tighter policy while leaving inflation as the next test.
US spot Bitcoin ETFs took in $865.3 million across five sessions from Aug. 3 through Aug. 7 before reversing to a $144.6 million net outflow on Aug. 10. Strategy also sold 1,690 BTC from Aug. 3 to Aug. 9 at an average price of $64,262, cutting its holdings to 840,447 BTC.
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