$BTC Bitcoin isn’t stuck between $85k and $90k because traders are confused or scared. It’s stuck because of options mechanics.
A huge amount of options gamma is concentrated around this range:
Near $85k, there’s heavy put exposure. When price drops toward that level, dealers hedge by buying $BTC , which cushions the fall.
Near $90k, there’s heavy call exposure. As price rises, dealers hedge by selling BTC, which caps rallies.
This creates a mechanical tug of war that keeps pulling price back into the middle. News, sentiment, and narratives barely matter while this is in place.
Why December 26 matters
On December 26, roughly $23 billion in Bitcoin options expire, wiping out close to half of the gamma currently pinning price.
Once that happens:
The automatic buying below slows down or disappears
The forced selling above fades
Price stops being controlled by hedging flows
In short, $BTC starts trading on real demand again.
What decides the next move
The direction after expiry depends on where Bitcoin is trading at that moment:
Near the lower end of the range → downside can accelerate quickly
Near the upper end → breakout becomes much easier
Either way, the calm, compressed price action likely ends. When gamma pressure drops, volatility usually comes back fast.
Bottom line
December 26 isn’t magic, but it removes the invisible hand that’s been controlling price. Once that hand is gone, Bitcoin finally gets room to move, and the next move probably won’t be slow.
