rewrite this title Bitcoin Rebounds Above $88K—Will It Last? – Decrypt

Bitcoin is flashing signs of a revival after extending gains from weekend trading.

The top crypto is hovering near $87,600, up roughly 2.5% from its weekend low of $85,550, according to CoinGecko data. 

The move can be partially attributed to declining seller momentum, which remains oversold but shows early signs of exhaustion, according to an update from Glassnode on Monday. 



The stabilizing open interest, muted spot activity, and persistent exchange-traded fund outflows indicate “a shift from aggressive selling to a more orderly de-risking phase,”  analysts for the crypto intelligence platform wrote.

An overnight uptick in the spot cumulative volume delta amid a flattening Coinbase premium hints at spot buying and a decline in seller activity, according to market theory.

The more optimistic outlook is also reflected in the options market. 

Experts previously mentioned sustained put buying, or bets the asset would fall, for downside protection as Bitcoin revisited $80,000. Sentiment has shifted from bearish to cautiously optimistic as reflected in the 25-delta skew’s sharp rebound from -10.96 to -4.58. 

Generally, when the skew drops, it indicates investors are buying puts and paying a premium for downside protection. An uptick in skew, on the other hand, indicates these bearish or hedging bets are waning.

Call option volume growth across the $100,000, $116,000, $112,000, and $118,000 strikes was notable, according to a Monday tweet from options analytics platform Laevitas. 

“The past 24 hours saw multiple Long Call Condor block trades, indicating demand for upside exposure into late 2025,” the firm noted. 

A Long Call Condor is an options strategy that involves buying four call options with the same expiry. It is used when an investor believes an asset’s price will stay within a specific range.

For Bitcoin to see further gains, it would first need to reclaim the $87,000 to $88,000 range, Ryan Yoon, senior analyst at Seoul-based Tiger Research, told Decrypt. “Below this level, it’s just a relief rally with capped upside for bulls as investors are underwater,” Yoon explained.

The near-term caution is being balanced by larger players, according to some.

“The institutions are patiently bullish and building conviction,” Bitwise CIO Matt Hougan posted to X on Monday after his call with a “$50 billion advisory firm.”

The market’s delicate balance will be tested by upcoming macroeconomic data releases, with the Federal Reserve’s interest rate decision in December serving as the next major catalyst to determine Bitcoin’s direction.