Bitcoin is experiencing a rebound, recently trading around $87,600, which represents a 2.5% increase from its weekend low of $85,550. This uptick can be linked to waning seller momentum, which, while still oversold, shows early signs of exhaustion. Analysts from Glassnode noted a shift from aggressive selling to a more measured de-risking phase, indicated by stabilizing open interest, low spot activity, and consistent outflows from exchange-traded funds. In the options market, sentiment has shifted from bearish to cautiously optimistic. The 25-delta skew, which measures the cost of puts versus calls, has rebounded from -10.96 to -4.58, suggesting that the demand for downside protection is decreasing. Call option volume is growing significantly at strike prices of $100,000, $116,000, $112,000, and $118,000. Notably, multiple Long Call Condor block trades were observed, indicating that investors anticipate Bitcoin will remain within a certain price range into late 2025. For Bitcoin to maintain its upward momentum, it needs to hold above the $87,000 to $88,000 range. Ryan Yoon from Tiger Research cautions that failure to do so could limit further gains, as many investors are still at a loss. Meanwhile, Bitwise CIO Matt Hougan mentioned that institutions are displaying a "patiently bullish" stance, suggesting a buildup of confidence among larger players. The upcoming Federal Reserve interest rate decision in December could significantly influence Bitcoin's trajectory, making it a key event to watch.