BTC's recent surge looks unstoppable, but the underlying logic isn't complicated—it's the resonance between technical analysis and the options market structure that has created this rally.

From the chart, BTC has been trapped in a descending wedge for a long time. This pattern itself hints at a potential reversal; once the price breaks out above the wedge, the trend officially shifts from weak to strong. And that's exactly what happened—after the breakout, BTC's upward momentum has not stopped.

But the most interesting part is in the options market. The perpetual contract funding rate on Deribit has soared above 30%, directly indicating how bullish the market sentiment is. More importantly, market makers are now in a short Gamma position. What does this mean? Every time the price rises, they are forced to buy passively to hedge their risk. Such passive buying often exceeds retail investors' own investments and can more easily lead to continuous price pushes.

Currently, BTC is stuck around $93,000. This isn't an invincible fortress—it's just that early holders are selling, while new longs are buying, creating a temporary balance. But as the $100,000 call options expiration date approaches, the capital game in the options market will intensify. Once the $94,000 barrier is broken, this balance will be completely shattered. By then, the positive feedback driven by short Gamma will fully unfold, and BTC will have even higher targets.