Bitcoin is facing a hidden “supply wall” at $93,000 that creates a ceiling no rally can break right now
Bitcoin faces a structural supply wall between $93,000 and $120,000, reinforced by options expiries pinning the price.Summary
Despite a recent volatile swing driven by thin liquidity colliding with options positioning, Bitcoin's true constraint is structural overhead supply concentrated between $93,000 and $120,000. This cluster represents supply from buyers who entered near previous highs, with 6.7 million BTC currently held at a loss. Data indicates that leveraged positions are not out of control, as perpetual futures open interest has declined and funding rates are neutral. The immediate price action is further constrained by December options expiries, which mechanically pin the price, incentivizing dealers to suppress rallies. Until the major expiry on December 26 passes, the market is mechanically range-bound, primarily between $81,300 (True Market Mean) and the $93,000 supply ceiling.
(Source：CryptoSlate)