Options bulls gather around $95,000, has the structural rebound of Bitcoin really arrived?

Bitcoin is quietly improving its market structure after the year-end deep deleveraging and the expiration of concentrated options. The latest data as of January 9th shows that BTC price remains stable at $90,221.88. The bullish signals emerging from the options market have attracted the attention of analysts — this is not euphoria, but a cleaner, more “structural” recovery.

Options Market Becomes a Key Indicator

The options market is sending positive signals. According to recent analysis, in the contracts expiring in Q1, traders are predominantly buying call options in the $95,000 to $100,000 range, making this price band the main gathering area for bulls. Meanwhile, market makers are turning net short in this range — a critical shift, as their hedging behavior could provide additional upward momentum when prices rise.

Implied volatility is rebounding from low levels, with skew continuing to shift toward bullishness. These indicator changes suggest that market participants’ outlooks are gradually improving.

Specific Signs of Market Structure Improvement

After deleveraging, the market landscape has changed significantly:

• Profit-taking pressure has eased The previous high-profit positions have been fully released, reducing selling pressure.
• ETF funds are re-entering with net inflows Institutional sentiment has shifted from fleeing to re-engaging.
• Open interest in futures contracts has stabilized and rebounded Trading activity is recovering, increasing market liquidity.
• Institutional participation is gradually restoring The enthusiasm of institutional investors is warming up.

All these changes point to one fact: the market is not merely rebounding but repairing. BiyaPay analysts described it very accurately — an early stage of “structural improvement rather than euphoria.”

The Significance of $95,000 to $100,000

Why is this price range so closely watched? Because it is both a gathering zone for bulls and a hedging position for market makers. When prices break above this range, the hedging demand from market makers could generate additional upward momentum. In other words, if BTC can hold above the short-term holder cost basis, further upward elasticity could be unlocked.

Currently, BTC is less than 5% away from $95,000, making this range quite close.

Future Focus

A key condition for a structural rebound is whether the price can hold above the short-term holder cost basis. This is not an unattainable goal but a verifiable, specific support level.

If this condition is met, the market will shift from the “repair phase” to the “rebound phase,” and the upward potential will be less of a hypothesis and more of a high-probability trend.

Summary

The signals from the Bitcoin options market are clear: bulls are gathering between $95,000 and $100,000, and market makers’ hedging activities could provide additional upward push. Coupled with net ETF inflows, rebounding futures open interest, and restoring institutional participation, this looks more like an “early stage of structural improvement rather than euphoria.”

The key is whether the price can hold above support levels. If it can, upward elasticity may be unleashed; if not, the repair process might take more time. The current signals are positive, but confirmation from price action is still needed.