Key Notes
- Bitcoin price needs to break out past $93,200 to invalidate the descending structure since November highs.
- Weak liquidity and repeated lower highs continue to pressure BTC, while the options market shows balanced sentiment.
- Analyst Javon Marks remains optimistic, expecting a move toward the $126,230 all-time high.
Bitcoin
BTC
$91 631
24h volatility:
1.9%
Market cap:
$1.83 T
Vol. 24h:
$44.39 B
price took a dive once again, testing the crucial support as it stares at a $3.4 billion in options expiry on Dec. 5. Although BTC has bounced back nearly 10% from the weekly lows of $84,000, bulls still need to take out the $93,200 to confirm the uptrend.
Bitcoin price Holds Below Key Resistance of $93,200
BTC continues to trade within a descending pattern on the one-month chart. Following the November highs, the asset has further extended its corrective structure, amid a major sell-off last month.
The latest Bitcoin price rebound stalled near $93,500, forming another lower high and reinforcing the short-term downtrend. Momentum remains weak, with intraday bounces losing steam quickly. This shows limited liquidity above current levels.
A decisive Bitcoin price drop below $91,000 could open a move toward the next support zone at $90,000–$90,500. On the upside, bulls must reclaim $93,200 to break the pattern of lower highs and invalidate the near-term bearish structure. Amid this price movement, BTC miners have added a total of $220 million to their reserves.
The market is also watching today’s options expiry. Roughly $3.4 billion in Bitcoin options are set to expire, with total open interest at 36,906 contracts. The maximum pain point stands at $91,000, slightly below Bitcoin’s current price of $92,279.
Bitcoin options expiry | Source: Deribit
A Put-to-Call ratio of 0.91 indicates a nearly balanced sentiment among traders, with a mild lean toward hedging rather than a strong bearish positioning.
What’s Next for BTC?
Despite this volatility recently, market experts remain positive about further Bitcoin price movement. Crypto analyst Javon Marks said Bitcoin’s price action continues to point toward a sustained uptrend, despite broader market noise. According to Marks, Bitcoin is holding another higher low, which signals that the bullish structure remains intact.
He explained that this pattern formation supports BTC price move to its all-time highs of $126,230. The current trend implies the ongoing bull cycle may extend further based purely on price action signals.
On the other hand, crypto analyst Michael van de Poppe wrote that if Bitcoin price loses the current support, this could once again push it to $85K support. “I still think that we’re done with this entire correction and are forming a bottom, before we go back into a leg upwards to the ATH,” he added.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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Source: https://www.coinspeaker.com/bitcoin-price-tests-91000-support-again-with-3-4b-in-options-expiry-whats-next/
