According to @godbole17, BTC price action has been pinned in the 119K–122K band where dealers hold positive gamma on Deribit, explaining the recent range-bound mean reversion. Source: @godbole17 on X; Deribit. He adds that a convincing breakout above 123K is needed for bulls to overcome the gamma pin and extend upside momentum. Source: @godbole17 on X.