The Bitcoin price has been stuck in a range between $85,000 and $90,000 for weeks now, and a lot of traders are starting to feel restless. Every dip seems to stall and every bounce loses steam, on the surface, it looks like the market just can’t make up its mind.
But according to NoLimit, this has very little to do with buyers or sellers losing conviction. What’s really holding Bitcoin in place is something far more mechanical: options-driven gamma exposure.
What you'll learn 👉
Why Gamma Has Kept BTC Trapped
Looking at the gamma profile, there’s a clear reason why the BTC price keeps snapping back into the same zone.
Around $85,000 sits the largest concentration of put exposure, right at the area of maximum gamma. When Bitcoin drifts toward that level, dealers are forced to hedge by buying spot BTC.
That buying pressure absorbs sell orders and slows any downside momentum. This is why recent pullbacks haven’t turned into sharp breakdowns. It’s not strong demand stepping in, it’s hedging doing the work behind the scenes.
On the flip side, the same dynamic exists near $90,000. Heavy call exposure in that area forces dealers to sell as price rises. That mechanical selling is what keeps rallies from going anywhere.
When you put it all together, it explains why the Bitcoin price has been stuck in such a tight range. The price keeps getting nudged back toward the middle, no matter what the news or short-term narratives look like.
December 26 Is the Inflection Point
This setup, however, isn’t permanent. A massive options expiry worth roughly $23 billion is scheduled for December 26, and it’s set to remove nearly half of the total gamma currently influencing Bitcoin’s price.
Once that happens, the artificial forces keeping BTC pinned start to fade. There will be no more automatic buying below and no more forced selling above. The price will stop reacting to hedging flows and start responding to real buying and selling again.
🚨 DECEMBER 26: THE TURNING POINT
— NoLimit (@NoLimitGains) December 24, 2025
You already know, but Bitcoin has been stuck between $85k-$90k for weeks.
This range has nothing to do with buyers or sellers changing their mind.
It’s options mechanics doing the work.
But that changes in 48 HOURS.
Here is why:
This market… pic.twitter.com/mWpTujrF5d
That’s why NoLimit describes this moment as a turning point. When gamma pressure disappears, the range stops working.
Read Also: Don’t Sell Your Altcoins at This Stage of the Cycle, Warns Crypto Veteran
What Determines Bitcoin’s Next Move
Where Bitcoin goes after the expiry depends largely on one thing: where spot price is trading when those hedging flows finally drop off.
If Bitcoin is hovering near the lower end of the range when that pressure disappears, there won’t be anything left to slow the downside, and momentum could start building lower. If the price is closer to the top of the range, removing that forced selling could finally give BTC room to break out.
Either way, one thing is clear. The quiet, controlled price action Bitcoin has shown for weeks probably isn’t going to last much longer. Once gamma stops dominating the market, volatility tends to return, and when it does, the next move may come faster than many expect.
For traders watching closely, December 26 could be the moment Bitcoin starts moving on real conviction again.
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