Bitcoin has traded tightly between $85,000 and $90,000 due to concentrated options gamma: large put gamma near $85k acted as a floor and heavy call gamma near $90k capped rallies. About $27 billion of options expire on Dec. 26, with more than half of Deribit open interest rolling off; gamma and delta decay should reduce hedging flows. The expiry is skewed bullish (put-call ratio ~0.38) with sizable open interest at upside strikes ($100k–$116k) and a max‑pain around $96k, implying a higher probability of a move into the mid‑$90,000s. Implied volatility is low (~45 on the Bitcoin Volmex index).

Facts from the summary: BTC has been rangebound between $85k–$90k because concentrated put gamma near $85k and call gamma near $90k have enforced a floor and cap; ~$27B of options expire on Dec. 26 with >50% of Deribit OI rolling off, reducing gamma/delta-driven hedging flows; the expiry skew is bullish (put‑call ratio ~0.38) with large OI at $100k–$116k and max‑pain ~ $96k; implied volatility is low (~45). These concrete data points justify a mildly bullish sentiment and a substantial short-term impact for traders.