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$BTC : The Setup for a Violent Move Higher Is Forming Bitcoin: $64K The market is paying heavily for downside protection. But underneath: Funding: 1.9% Gamma flip: $63.2K Max gamma: $65K Call wall: $70K There is no major leverage bubble. There is no extreme negative-gamma stress. But there is a lot of fear. A modeled +5% breakout generates roughly $303M of dealer buying. That means once Bitcoin gets through the current options structure, dealers can go from absorbing the move to chasing it higher. Fear below. Convexity above. $70K is not just resistance. It could be the spring board.