bearishmomentum

Today’s crypto markets lean bearish, marked by recent price dips in Bitcoin and Ethereum amid profit-taking, liquidations, and risk-off sentiment at the start of December 2025.
Key Price Movements
Bitcoin trades around $93,000 after falling from highs near $116,000 earlier in the year, with a recent pullback to $86,000 levels driven by caution ahead of Fed discussions and institutional repositioning. Ethereum hovers near $3,100-$3,200, down from recent peaks, facing resistance below key EMAs and mixed ETF flows. Overall market cap sits below $3 trillion, down sharply from monthly highs, though trading volume has spiked 62%.
Bearish Signals
Technical indicators signal caution: Bitcoin’s MACD shows bearish crossovers, Ethereum forms a potential “death cross,” and both assets trade under major moving averages like the 50-day EMA. Massive long liquidations and global macro pressures, including rising bond yields, fuel the slide, with December opening in the red after November’s volatility.
Bullish Counterpoints
Some resilience persists—Bitcoin holds above $90,000 support with weekly gains reclaiming key levels, and Ethereum’s RSI enters bullish territory amid ETF inflow resurgence. Forecasts suggest mild recovery potential, with Bitcoin possibly reaching $93,700 by month-end, supported by long-term optimism like Ripple CEO’s $180,000 call for 2026. Today’s $3.4 billion Bitcoin options expiry could spark short-term volatility but stabilize sentiment.
top catalysts likely to move crypto prices today
Top catalysts for crypto price movements today (December 5, 2025) include a massive $3.4 billion Bitcoin options expiry and $660 million Ethereum options expiry at 8:00 a.m. UTC, alongside Ethereum’s Fusaka upgrade effects and regulatory developments.
Options Expiries
The Bitcoin options batch features a put/call ratio of 0.91 and max pain at $91,000, potentially driving volatility as traders adjust positions and market makers hedge gamma exposure. Ethereum’s expiry shows a 0.78 put/call ratio with max pain at $3,050, amplifying cross-asset swings given bullish trader leanings. These events often lead to price gravitation toward max pain levels followed by relief rallies or further sell-offs.
Ethereum Fusaka Upgrade
Ethereum’s recent Fusaka upgrade enables Layer 2 networks to handle eight times more data at lower costs, boosting outperformance over Bitcoin and aiding recovery above key supports. This technical enhancement supports bullish RSI signals and could attract inflows amid mixed ETF flows.
Macro and Regulatory Factors
U.S. economic data releases and Fed sentiment continue influencing risk-off flows, with Bitcoin sensitive to bond yields and liquidity resets post-correction. CFTC’s spot crypto trading approval and EU oversight expansions provide long-term bullish tailwinds, though short-term pressure from December’s red start persists.
Bitcoin option strikes expire today and sizes
Major Bitcoin options strikes expiring today (December 5, 2025, at 8:00 a.m. UTC on Deribit) total $3.4 billion in notional value, with a max pain price of $91,000 and put/call ratio of 0.91 indicating balanced but slightly bullish positioning.
Key Strikes and Sizes
While exact strike breakdowns for today’s expiry remain limited in public data, recent analyses highlight concentrations from ongoing December positioning:
• $91,000 (Max Pain): Primary gravitational level where most options expire worthless, driving market maker hedging.
• $100,000: Leads with 15,517 BTC open interest (~$1.5B+ notional at current prices), part of 60% call-side concentration.
• $106,000: 13,090 BTC open interest.
• $112,000: 14,062 BTC open interest.
• $118,000: 13,066 BTC open interest, tied to a $1.74B institutional call condor bet.
Market Implications
These strikes represent over 55,000 BTC in clustered open interest, potentially amplifying volatility as positions unwind and gamma hedging occurs near max pain. Total expiry includes 92,692 BTC calls vs. 61,086 BTC puts from broader December data, with spot price influences likely pulling toward $91,000-$100,000 range.
might today's expiries impact Bitcoin price levels and liquidity
Today’s Bitcoin options expiry of $3.4 billion notional at 8:00 a.m. UTC on Deribit, with max pain at $91,000, is likely to create short-term price pinning and heightened volatility, potentially reducing liquidity as market makers hedge gamma exposure around clustered strikes.
Price Impact Mechanisms
Market makers typically buy dips near puts ($91K max pain, $86K support) and sell rallies near calls ($100K, $106K strikes), driving Bitcoin toward max pain where ~80% of options expire worthless, minimizing payouts. Post-expiry relief rallies often follow if spot holds above $90K, but put/call ratio of 0.91 signals balanced positioning that could amplify downside if breached, targeting $86K-$88K. Clustered open interest (55K+ BTC across top strikes) magnifies swings via delta hedging flows.
Liquidity Effects
Gamma hedging squeezes liquidity in the $90K-$100K range, with bid-ask spreads widening 20-50% during peak flows as dealers neutralize risk, especially given 92K BTC calls vs. 61K puts. Volume spikes (up to 62% recently) provide counterbalance, but thin books post-expiry may extend volatility into U.S. session amid macro overlays like Fed sentiment. Overall, expect compressed liquidity until positions unwind, favoring range-bound action unless breakout catalysts emerge.
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