As Bitcoin's BTC ongoing price surge gives off an aura of invincibility, one force threatens to slow the ascent above $90,000, potentially keeping the cryptocurrency rangebound above the said price level.

Market Makers at Play The pressure is from market makers or dealers—entities responsible for providing liquidity to the market, profiting from the bid-ask spread while working to maintain a neutral market exposure.

Currently, dealers involved with Bitcoin options on the Deribit exchange show significant positive "gamma" exposure at the $90,000 and $100,000 strikes. In simple terms, traders have sold options at these levels, leaving market makers, who usually take the opposite side, with a considerable amount of long positions.

This long gamma exposure means market makers will likely buy the asset when its price drops and sell when it rises, keeping their exposure neutral. Such hedging can dampen volatility, restricting price fluctuations.

Therefore, at the upcoming $90,000 to $100,000 levels, it’s expected that market makers will take positions that could keep prices steady, assuming no other significant market changes.

In the words of Amberdata's Director of Derivatives, Greg Magadini:

"We see a lot of traders owning [buying] optionality up to the $90K handle for Nov 29th and Dec 27th. But the $90k-$100k+ range has been sold to dealers."
"Should the market get there, we might see prices struggle, unless sentiment shifts further bullish," Magadini added.

As Bitcoin fluctuates around $82,000, it is only 8% shy of the pivotal $90,000 level, representing significant market activity in the coming days.