Glassnode: The options market reinforces Bitcoin's range-bound trading pattern, with the trading range between $81,000 and $95,000.

According to ME News, on December 18th (UTC+8), Glassnode released its weekly market analysis, stating that the market continues to fluctuate within a fragile and time-sensitive structure, influenced by abundant supply, rising loss realization, and persistently weakening demand. Prices encountered resistance around $93,000, subsequently falling back to $85,600, reflecting the dense supply accumulated in the $93,000 to $120,000 range, with previously strong buyers continuing to suppress any price rebound. Upside potential is likely to be limited as long as prices remain below the 0.75 quantile (approximately $95,000) and fail to return to the short-term holding cost benchmark of $101,500. Despite the pressure, patient demand has so far kept the real market average around $81,300, preventing further price declines. Spot demand remains highly selective, corporate cash flows are intermittent, and futures positions continue to reduce risk rather than rebuild confidence. The options market reinforced this range-bound pattern, with volatility narrowing in near-month contracts. Downside risks remain but are relatively stable, while expiry-driven positioning is limiting price movements to late December. In short, Bitcoin is currently caught between structural support around $81,000 and persistent selling pressure above. For a substantial shift to occur, either sellers need to exhaust all selling pressure above $95,000, or new liquidity inflows are needed to absorb supply and reclaim key cost base levels. (Source: ME)