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Bitcoin had a strong performance at the beginning of the year, but due to a series of factors, the price of Bitcoin was still unable to break through the $100,000 mark, and the price remained within a narrow range.
The most prominent reason is what analyst “Crypto Rover” describes as a mechanical brake due to market makers hedging options contracts. They typically sell on the upswing and buy on the downswing to reduce risk, which tends to cap prices between $90 and $95,000, while $100,000 remains a strong psychological and technical resistance.
He believes the expiration of a large number of options contracts in late January could be the trigger for a larger move.
Technically, analyst Ali Martinez said the market would need a clear daily close above 94K or below 88K to confirm a new trend.
Otherwise, the “accumulation/oscillation” situation remains within the current range.
The CME gap also plays a role in guiding short-term expectations.
Analyst “Ted” said that the first gap has been closed near 90,700 points, while another gap is emerging near 88,000-88,500 points. This gap also corresponds to an important support area and will become a potential target if selling pressure returns.
What can be said is that Bitcoin price is stuck between options hedges, decisive technical areas, and the “CME” gap, so traders are not expecting a true breakout until a clear exit from the 88-94000 range.
Some analysts believe that a brief rise to 970,000-107,000 is possible, but warn that a more serious decline may occur later in the same cycle.
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