Bitcoin Holds $91K Ahead of $3.4B Options Expiry; $93.2K Key for Bulls
Bitcoin tested support near $91,000 again as roughly $3.4 billion in Bitcoin options (36,906 contracts) were set to expire on Dec. 5. Price has rebounded about 10% from weekly lows near $84,000 but remains inside a descending pattern since November, forming repeated lower highs. Key technical levels: support around $90,000–$91,000 and resistance at $93,200–$93,500; a decisive break above $93,200 would invalidate the short-term bearish structure. The options market shows balanced sentiment — put-to-call ratio ~0.91 and maximum pain around $91,000. On-chain activity: miners added about $220 million to reserves. Analysts diverge: Javon Marks views recent higher lows as bullish and expects a move toward the $126,230 all-time high, while Michael van de Poppe warns a failure of $91,000 could retest the $85,000 area. For traders, immediate focus is on the options expiry, liquidity above $93.2K, and whether BTC holds current support; this will inform short-term risk management (stop levels near $90K–$91K) and position sizing ahead of potential volatility.
Neutral
The article presents mixed signals rather than a clear directional catalyst. Short-term price action is constrained by a descending pattern and repeated lower highs, which is bearish pressure. However, BTC recently recovered ~10% from weekly lows and on-chain indicators (miners adding $220M to reserves) plus analysts citing higher lows provide bullish context. The options expiry (~$3.4B, max pain at $91K, put-to-call ~0.91) suggests balanced positioning that may dampen extreme moves but can also create volatility around key levels. Therefore the immediate market impact is neutral: traders should expect heightened volatility around the expiry and monitor whether BTC reclaims $93.2K (bullish signal) or breaks below $91K (bearish trigger). Historically, large options expiries have produced short-term squeezes or pinning to max pain levels; risk management and reduced leverage near expiry are prudent for short-term trades, while a confirmed breakout above resistance would support a resumption of the longer-term bull trend toward prior ATHs.