Bitcoin repeatedly faces resistance as it approaches the $100,000 mark. Behind this is not simply a technical correction, but a game of chess between traders and institutions.

**The "Insurance Umbrella" Effect in the Options Market**
Traders hedge risks by selling large amounts of options, much like buying insurance before engaging in high-risk operations. When BTC nears $100,000, these hedging positions create significant selling pressure. Every time the price rises, a noticeable wave of sell orders emerges, as if an invisible ceiling is suppressing the market from moving higher.

**What Are the Institutions Doing?**
Interestingly, despite the less-than-ideal global economic data (high inflation, elevated interest rates), institutional funds continue to build positions. Their logic is clear: with the price being suppressed, it’s a good opportunity to buy low. This move is akin to developers snapping up land during a housing market downturn — all waiting for a market sentiment reversal.

**Risk Points to Watch**
First, options hedging is not an invincible shield. In the event of extreme market volatility or policy shifts, these traders’ defenses could collapse instantly. Second, institutions tend to change their stance faster than retail investors; once they switch, the selling pressure can be fierce. Furthermore, the options market itself amplifies emotions, and false breakout signals can occur from time to time, easily leading to traps.

The current situation resembles a carefully choreographed dance — institutions are waiting, traders are on the defensive, and Bitcoin is hovering amid the tug-of-war between these forces. Whoever breaks the deadlock first will hold the initiative for the next phase.