Coinbase Warns of Potential Bitcoin Price Cascade

Coinbase analysts identify key Bitcoin price levels: support at $60,000, resistance at $82,000.

Analysts at Coinbase Institutional have identified key price levels for the leading cryptocurrency. The main support zone is around $60,000, while the first strong resistance is at $82,000.

https://t.co/g56GePHa0p

— Coinbase Institutional 🛡️ (@CoinbaseInsto) February 24, 2026

Experts also assessed the gamma exposure (GEX), which reflects the behavior of market makers in the options market as the asset price changes. Depending on the situation, these traders can either smooth volatility or amplify the trend. 

The analysis revealed two possible market states:

1. Slowing growth. In the range of $85,000 to $90,000, positive gamma prevails. This means market makers will sell the asset on the rise and buy on dips. If Bitcoin holds above $82,000, its movement to $90,000 will be slow and unstable due to constant seller resistance.
2. Accelerated decline. In the $60,000-70,000 zone, negative gamma is concentrated. As the price falls, hedgers will be forced to increase sales, making the drop to the $60,000 support sharp.

Based on this data, Coinbase outlined four scenarios:

1. Bounce from resistance. If digital gold cannot break through $82,000, the price is likely to retreat.
2. Breakthrough of $82,000. Holding this level will turn it into support. However, further growth to $90,000 will be accompanied by frequent pullbacks.
3. Decline to $60,000. Analysts advised against catching “falling knives” due to the risk of sharp fluctuations. Long positions should only be opened after a confirmed bounce from $60,000.
4. Breakdown below $60,000. Losing this level will trigger cascading sell-offs. The downward movement will be faster than traders expect. In this case, risk hedging becomes a priority.

Bitcoin Rebound

The dominance of sellers in the derivatives market and the reduction of leverage are improving the Bitcoin market in the long term, stated CryptoQuant analyst Gaah.

Bears Dominate Bitcoin Futures Market

“The futures market in high leverage for 16 months, and since BTC’s last ATH, excessive leverage declining. Price declines force capitulation, impacting leverage health, which is positive for the long term.” – By @gaah_im pic.twitter.com/qY93O6XAfo

— CryptoQuant.com (@cryptoquant_com) February 25, 2026

According to him, funding rates have turned negative. The leading cryptocurrency is forming a bottom in the $62,000-68,000 range. The analyst noted that at the previous local low around $80,000, the indicators remained predominantly positive.

Since July 2025, sales have dominated the market. Buy limit orders only absorb active supply, and the current selling pressure has reached its highest in the past three months. 

The expert emphasized that the futures market maintained high leverage for 16 months. However, after Bitcoin reached its all-time high, excessive leverage began to decline.

The price drop triggered trader capitulation. Gaah sees this as a positive signal: the forced closing of positions eliminates excess debt, which is necessary for sustainable long-term market growth.

Max Pain

On February 27, 115,000 Bitcoin options will expire on the Deribit crypto exchange. The nominal value of the contracts is $7.49 billion.

The “max pain” point is at $75,000, with a put-to-call ratio of 0.76.

The nominal value of Ethereum contracts for the upcoming expiration reached $886 million. The “max pain” point is at $2200, with a put-to-call ratio of 0.78.

Analysts at Glassnode have noted a shift in positioning in the derivatives market. The heat map shows an increase in negative gamma at the current price level and below, while the upper barriers of positive gamma are gradually thinning.

Experts warned: as long as Bitcoin remains in the negative gamma zone, market makers’ hedging of trades could increase price volatility.

Earlier, on February 24, analysts at Santiment reported that Bitcoin’s correlation with stocks hit a new low for 2022.