Bitcoin is currently in a “mid-range” zone between bulls and bears, with Matrixport describing it as a rare deadlock for price and investor sentiment. The post-Thanksgiving surge brought BTC back above $91K, supported by a bullish pattern, but at the same time on-chain data shows the market is still range-bound and liquidity is thinning.
Matrixport and Glassnode see BTC stuck in a situation where positioning, sentiment and macro policy collide, while emphasizing falling volatility and falling demand for downside protection. Expectations of a Fed rate cut are seen driving inflows into spot ETFs and short-term sentiment, but the trend structure remains unclear.
Key technical levels are currently centered around the $93K–$96K trading range. If BTC manages to break and hold above this area, some analysts expect room to surge to $100K–$108K by year-end. If it fails, the risk of a drop below $88K and then to $80K or even lower like $60K, as some market players are worried.
While 147K BTC options contracts worth over $13 billion expired without triggering a major move, the price is now around $91,554 with 24-hour trading volume down 32%, indicating a decline in trading interest. According to 10X Research, the market may be moving out of an “overly speculative” phase and into one that is more driven by fundamentals and network growth, a shift that could determine BTC’s direction in the coming months.
