Derivatives positioning suggests bitcoin is likely to trade between $85,000 and $100,000.

Bitcoin’s options market is increasingly pointing to a prolonged period of range-bound trading, with derivatives positioning favoring premium collection over bets on an explosive rally or sharp downturn.

Flows in Deribit-listed options show traders establishing a clear floor near $85,000, driven by sustained selling of downside protection. According to data monitored by market maker Wintermute, this put-writing activity reflects growing confidence that bitcoin is unlikely to break materially below that level in the near term.

The $85,000 strike has emerged as a key support zone, ranking as the second-largest options position across all expiries with more than $2 billion in notional open interest. When prices drift toward heavily sold put strikes, sellers often hedge by buying spot or futures, reinforcing support and dampening downside momentum.

On the upside, options activity suggests resistance is building between $95,000 and $100,000. Bitcoin holders are increasingly selling call options at these strikes—so-called call overwrites—to generate yield while limiting upside exposure. This positioning can translate into additional spot selling if prices approach those levels, reducing the likelihood of a clean breakout.

The $100,000 call is currently the single most popular contract on Deribit, carrying roughly $2.37 billion in notional open interest, signaling restrained expectations for a swift move into six-figure territory.

“Strong put-selling support around 85k, with secondary buffers at 80k and 75k, while call overwrites cap upside around 95k–100k. Volatility is being harvested inside this range,” said Wintermute desk strategist Jasper De Maere in an email.

The strategy amounts to volatility harvesting, where traders sell both calls and puts to collect premiums while betting on subdued price swings. As long as bitcoin remains range-bound, these options decay and expire worthless, allowing sellers to retain the premium income.

At the time of writing, bitcoin was trading near $87,400, according to CoinDesk data.