Quarterly options expiring at the end of the month currently account for over 40% of open interest, and call options at $75,000 account for over 5% – an unprecedented level of concentration, with everyone betting on $75,000.
The Gamma wall and Gamma concentration signify a unified market opinion. When everyone is on the same wavelength, the market either moves in the desired direction or crashes together.
Currently, the price is at $73,500, very close to $75,000, coinciding with the upper edge of a nearly two-month consolidation range. All the factors are aligned; whether it can break $75,000 depends on this week. We haven't seen such a fierce battle between bulls and bears in months.