Bitcoin traded below $88,000 on Thursday as investors prepared for a $14bn options expiry set for Friday, a key event that is likely to shape short-term price direction and market sentiment. The world’s largest cryptocurrency has struggled to regain momentum after recent attempts to break higher, with traders now closely monitoring how the expiry may influence volatility, liquidity, and positioning across major derivatives platforms. The cautious tone reflects broader uncertainty over macroeconomic data and shifting expectations for central-bank policy.
Market stalls as expiry approaches
Bitcoin’s price movement remained subdued through the Asian and European sessions, posting narrow intraday ranges as participants hesitated to take aggressive positions ahead of the options event. Analysts noted that the unusually large notional value of contracts set to expire has heightened sensitivity within the market, with spot traders watching closely for any signs of gamma-driven shifts that could push prices in either direction.
Bullish pockets emerge despite hesitation
Data from derivatives exchanges indicated that some bullish traders have positioned for potential upside beyond current levels. Open-interest distribution showed a cluster of call options targeting the $90,000–$95,000 range, suggesting that parts of the market still anticipate upward pressure if macro conditions turn supportive. However, analysts cautioned that strong resistance remains, with Bitcoin repeatedly failing to sustain rallies above $88,000 in recent sessions.
Volatility expected to rise into the weekend
Options expiries often act as catalysts for market volatility, particularly when the notional value is large relative to prevailing trading volumes. Traders expect price movements to become more pronounced as hedging flows intensify on Friday. Short-term liquidity remains a concern, with lower participation from US-based investors during the holiday period amplifying potential swings.
Macro backdrop adds further uncertainty
The wider risk environment continues to influence Bitcoin’s trajectory. Investors are assessing upcoming US economic data and Federal Reserve communications for clues on interest-rate expectations. A softer macro outlook could support digital-asset prices by reducing yields and encouraging risk-taking, while stronger-than-expected data may temper appetite for speculative assets.
Outlook hinges on post-expiry flows
Market participants say the path for Bitcoin will depend heavily on positioning after Friday’s expiry. If call-heavy structures unwind without significant selling pressure, the market may attempt another test of the upper range. Conversely, if hedging flows push prices lower, Bitcoin could face renewed consolidation below $88,000. For now, traders remain cautious, anticipating that the coming 24 hours will dictate the next directional move.
Newshub Editorial in Global Markets – 27 November 2025
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