According to Glassnode, although Bitcoin has risen approximately 26% since its mid-August low, options markets are not signaling that the rally will continue unidirectionally. According to the leading on-chain analytics firm, the middle 70% probability range for the September 25 options is priced between $69,000 and $89,700. The median expectation remains close to the current spot price.
Glassnode notes that the $81,000–$86,000 range constitutes a significant resistance zone for Bitcoin. According to the firm, long-term holder supply, sell orders, market makers’ negative gamma positions, and remaining short liquidation levels converge in this region.
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