Bitcoin is approaching a breakout in the range of 85,000-90,000 dollars.

Bitcoin is spending most of December between 85,000 and 90,000 dollars. This range is supported by high options positions in the derivatives market. Drops are gaining value around the 85,000 dollar level due to buyer interest, while rallies are being sold around the 90,000 dollar mark.

Approximately 27 billion dollars worth of open positions are expected to expire on Deribit. Most of these positions have a strong bullish bias. The options mechanics make a higher breakout in the market more likely.