Bitcoin Price Struggles to Break $90,000 as One-Month Battle Continues
Bitcoin is trading around $87,465, struggling to sustain a breakout above $90,000 due to thin holiday trading and post-options expiry market structure.Summary
The Bitcoin price is experiencing volatility around the $90,000 mark amid thin holiday trading, failing to achieve a sustained breakout. At the time of writing, BTC was trading at $87,465 with low volume.
Market structure has shifted following a record options expiry, which saw open interest drop by nearly 50%. QCP Capital noted that dealers, now short gamma to the upside, could amplify price moves, but sustained spot demand is necessary for a real rally. Elevated funding rates suggest crowded bullish trades, but upside moves risk fading without real volume.
Macro factors, including rising oil prices due to geopolitical tensions, have added volatility. Analysts suggest Bitcoin is rejecting lower levels within a broadening wedge pattern, with critical support at $84,000. Bulls need to break resistance at $91,400 and $94,000 to regain control, while a close above $94,000 could target $101,000.
(Source：Bitcoin Magazine)