Bitcoin is trading within the $78,000-$81,000 range, where roughly $40.8 billion in options positions are concentrated. That positioning can make short-term prices more vulnerable to repeated pressure from market makers. At the same time, long-term holders control about 74% of Bitcoin, leaving a less substantial supply base for an extreme decline. Technical momentum has improved after the 50-day and 200-day moving averages formed a golden cross, but a sustained move above $81,000-$83,000 is needed to open further upside room.