Bitcoin (BTC) is nearing significant price levels that traders are monitoring closely. The first key level is $126,100, marking the upper boundary of an expanding range pattern since mid-July. A reversal here could lead to a pullback, while a breakout may push BTC towards $135,000, where market makers' net long gamma positions could reduce volatility. The $140,000 level is also crucial, with over $2 billion in notional open interest in call options potentially creating resistance as traders hedge their positions.