[glassnode: The options market reinforces Bitcoin's range-bound pattern, with the range between $81,000 and $95,000]
BlockBeats news, December 18, glassnode released this week's market analysis, stating that the market continues to fluctuate within a fragile and time-sensitive structure, influenced by significant supply, rising realized losses, and persistently weakening demand. Prices faced resistance near $93,000, then fell back to $85,600, reflecting the dense supply accumulated in the $93,000 to $120,000 range, with previous strong buyers continuing to suppress price rebounds. As long as the price remains below the 0.75 quantile (approximately $95,000) and fails to return to the short-term holding cost benchmark of $101,500, the upside potential may be limited.
Despite the pressure, patient demand has so far maintained the true market average near $81,300, preventing further price declines. Spot demand remains highly selective, corporate capital flows are intermittent, and futures positions continue to reduce risk rather than rebuild confidence. The options market has reinforced this range-bound pattern, with near-month contract volatility narrowing. While downside risks persist, they are relatively stable, and expiration-driven positions have constrained price movements into late December.
In summary, Bitcoin is currently caught between structural support near $81,000 and sustained selling pressure above. For a substantial shift to occur, either sellers need to exhaust all selling pressure above $95,000, or new liquidity must flow in to absorb supply and reclaim critical cost basis levels.