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glassnode: Option Market Reinforces Bitcoin's Range-Bound Pattern, with a Range of $81,000 to $95,000

2025.12.18 14:51:00

On December 18, Glassnode released its weekly market analysis, noting that the market continues to oscillate within a fragile, time-sensitive structure—driven by heavy supply, ongoing realized losses, and steadily weakening demand. Bitcoin’s price was rejected around $93,000 before pulling back to $85,600, reflecting dense supply accumulation in the $93,000–$120,000 range. Previous strong buyers have consistently capped rebound attempts. As long as price stays below the 0.75 percentile (roughly $95,000) and fails to reclaim the short-term holding cost benchmark of $101,500, upside potential will remain limited. Despite downward pressure, patient demand has so far kept realized market value near $81,300, halting further declines. Spot demand remains selective, corporate fund flows are intermittent, and futures positions continue to reduce risk rather than rebuild confidence. The options market has reinforced this range-bound pattern: near-month contract volatility has narrowed, signaling lingering downside risk but relative stability. Expiry-driven positions will also constrain price action through late December. In short, Bitcoin is currently trapped between structural support near $81,000 and persistent selling pressure above. A meaningful shift will require either sellers to exhaust all supply above $95,000 or new liquidity inflows to absorb that supply and reclaim key cost-basis levels.
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