- Bitcoin reclaimed $90K after nearly a week below the level, bouncing 12% from last Friday’s panic low.
- Options traders are betting on a tight trading range between $85K and $90K rather than a breakout.
- Volatility is cooling and holiday-week trading volumes are soft, limiting big price swings.
Bitcoin finally pushed its way back above the $90,000 mark on Wednesday afternoon, snapping nearly a full week spent grinding below that level. The move comes during what’s normally a rough pre-Thanksgiving trading day — historically, the Wednesday before the holiday has produced declines in six of the past seven years, including brutal drops in 2020 and 2021.
This time, though, BTC showed some resilience. After plunging to a panicked bottom near $80,000 early last Friday, Bitcoin has now bounced roughly 12%. Even so, the broader picture remains shaky: BTC is still down 3% this week, 21% this month, and remains 28% below its $126K all-time high.
A Bounce Despite the Bearish Headlines
The recovery comes as mainstream outlets — including a fresh trio of gloomy takes from the Financial Times — continue publishing crypto obituaries. Yet the market appears to be ignoring the noise for now. As of press time, BTC hovered just above $90K, up almost 3% in the last 24 hours.
Jasper De Maere of Wintermute noted that Bitcoin’s volatility has cooled after hitting its highest levels since April. Lower volume during Thanksgiving week tends to soften major swings, creating a quieter trading environment.
Options Traders Expect Bitcoin to Stay Stuck in a Tight Range
Options positioning shows that traders aren’t preparing for fireworks. Instead, many are selling calls and strangles around the $85K–$90K zone — effectively betting BTC will stay trapped in a narrow band. There’s also very little downside protection being bought, signaling that traders don’t expect a major drop either.
“The market looks comfortable fading moves on both sides rather than positioning for a breakout,” De Maere said. With volumes thinning into the long weekend, that equilibrium may hold unless an unexpected catalyst emerges.
