Bitcoin (BTC) remains range-bound, trading near $75,500 as it hovers around the 2026 realized price of $76,200, a key onchain support level reflecting the average acquisition cost of coins moved in 2026. The cryptocurrency briefly dipped to $74,500 over the weekend before bouncing from its 128-day moving average. Currently, BTC is below two major onchain metrics near $77,000: the true market mean and the short-term holder cost basis, which gauge sentiment and short-term positioning. Adding to the tension, the May 29 options expiry on Deribit features $6.6 billion in open interest, with max call concentration at $80,000 (about $600 million) and max put concentration at $75,000 ($377 million). Market makers are incentivized to keep price pinned between these strikes, compressing volatility. Glassnode data reveals that over 15% of bitcoin's circulating supply was acquired between $74,000 and $83,000, further tightening the range.

Key facts

• Bitcoin trades near $75,500, below the 2026 realized price of $76,200.
• May 29 options expiry has $6.6B open interest, max pain at $75k-$80k.
• Over 15% of BTC supply acquired between $74k and $83k, compressing range.
• Short-term holder cost basis and true market mean near $77k act as resistance.

KeyAudit data perspective