Glassnode: The options market strengthens the range-bound pattern of Bitcoin, with the oscillation range between $81,000 and $95,000

glassnode published this week's market analysis stating that the market continues to fluctuate within a fragile and time-sensitive structure, influenced by significant supply, rising realized losses, and persistently weakening demand. Prices were blocked around $93,000 and subsequently fell back to $85,600, reflecting the dense supply accumulated in the $93,000 to $120,000 range, with previous strong buyers continuously suppressing the price rebound.

As long as the price remains below the 0.75 percentile (approximately $95,000) and fails to return to the short-term holding cost benchmark of $101,500, the upside potential may be limited. Despite the pressure, patient demand has so far kept the real market average around $81,300, preventing further price declines. Spot demand remains selectively strong, corporate capital flows are intermittent, and futures positions continue to reduce risk rather than rebuild confidence.

The options market has reinforced this range-bound pattern, with near-month contract volatility narrowing, and while downside risks remain, they are relatively stable, with expiration-driven positions limiting price movements until late December. In summary, Bitcoin is currently caught between structural support around $81,000 and ongoing selling pressure above. For a substantial shift to occur, either sellers need to exhaust all selling above $95,000, or new liquidity needs to flow in to absorb supply and reclaim the critical cost basis level.