Bitcoin has broken above $74,000 to hit its highest level in four weeks, and the market is watching $75,000 as the next turning point.

Coindesk reported on Monday that the range is not just a resistance level but a point where hedging flows in the options market could increase price volatility.

A key driver of Bitcoin's current rise is the derivatives market. Around $75,000, exposure for dealers and market makers, based on Deribit options data, is heavily tilted toward negative gamma. Gamma refers to how quickly a dealer must adjust hedges when the price of the underlying asset moves.

When dealers are long gamma, they tend to dampen volatility by buying spot or futures when prices fall and selling when they rise. At $75,000, negative gamma is in place, reversing that flow. In that case, dealers may add to purchases in a rising market and respond with selling or short positions in a falling market. That means momentum could build if the price rises above $75,000, while losses could deepen if it is pushed back around that level.

The market sees the level as closer to a "volatility release point" than a traditional support or resistance line. Even small price moves can trigger dealers' hedge adjustments. Since 2020, as the Bitcoin options market has grown rapidly, these negative gamma zones have amplified moves in both rising and falling markets.

Technical indicators also support the focus on $75,000. The level also overlaps with the 100-day moving average. The 100-day moving average is a widely watched technical indicator and often acts as support or resistance. Bitcoin faced stronger selling pressure around that level in January, halting the rise, and then went through a deeper correction to $60,000.

The next area in focus is between $80,000 and $80,600. Dealers' exposure in that range is classified as positive gamma. That increases the likelihood that dealers will buy at relatively low prices and sell at higher prices, suggesting a range-bound pattern rather than a strong one-way move. Prices may be more likely to stay within a narrow band than extend a sharp trend.

Within that, $80,525 was presented as a price level that has had meaning in the past. It was the point where selling pressure eased in November last year. Bitcoin passed through the range as downward pressure weakened, then rose to around $100,000 after a two-month recovery rally. Still, a price level that was a prior inflection point can also be seen as a zone where an upward move could slow again.

A 200-day moving average also remains as an indicator for gauging the longer-term trend. The 200-day moving average was presented at $87,519. With Bitcoin's current spot price below that, it is still trading below the 200-day line under a long-term valuation benchmark.

As a result, the first short-term test is expected to be whether Bitcoin breaks above $75,000. Whether hedging demand follows the rise or amplifies a pullback is likely to determine the next move. After the market enters the $80,000 range, the next point to watch is whether volatility eases and a range-bound pattern appears rather than an expansion in direction.