Analyst Omkar Godbole reveals that Bitcoin’s potential resistance level is currently above $126,000. Examining the options market sheds light on critical levels for future price movements. Deribit platform data indicates call options with a strike price of $140,000 hold the second-highest open interest and signify a strong expectation that prices may reach or surpass this level. However, high concentration of hedging and trading activity at this area could create resistance hindering Bitcoin’s price breakthrough. 3 key levels identified by Godbole: 126,100 – Upper boundary of the expansion pattern since mid-July; if breached, could cause a price pullback toward lower boundary; $135,000 – Market maker have a net long gamma position at this level reducing volatility by increasing selling pressure when prices rise and buying pressure when prices fall; therefore, it acts as resistance on upward moves. $140,000 – Second-highest popular call option level with high open interest. Large institutional hedging efforts could impede price exceeding this level.