BTC has almost been sucked into the 90k position.
Even after announcing interest rate cuts, BTC surged to 94k, but due to cautious subsequent wording, market risk appetite instantly shifted to risk aversion, and it fell back to around 90k.
The buying power of major buyers, especially companies of the DAT type, is also declining.
What keeps Bitcoin nailed down at 90k is what was mentioned before; the current crypto market is almost dominated by the options market.
Deribit data shows that 90k is a concentration point for large options, which analysts like to refer to as the maximum pain point,
To hedge against risks, market makers (big players or institutions) will perform reverse operations when prices deviate. As long as the price rises, the institution's hedging and profit-taking orders will quickly pull it back to 90k.
Additionally, analysis institutions including Glassnode believe that the average cost for short-term holders has reached 110k USD, meaning that under the current panic sentiment, every time BTC experiences any increase, there are certain short-term speculators selling off to recover losses.
It is worth noting that since late November, the behavior of large BTC deposits into exchanges has significantly increased.
This has led to BTC's resistance being primarily from options and short-term recovery positions. Without continuous and substantial capital stepping in, it is almost impossible for BTC to form large-scale upward movements. $TNSR
