Bitcoin Trades Near $93,000 After Weekend Decline Amid Short Squeeze Risk, Says Laser Digital
On November 17, 2025, Bitcoin traded near $93,000 following a weekend selloff, according to research from Laser Digital's Derivatives Trading Desk. The price decline occurred without an obvious catalyst as equities opened modestly higher and spot prices retraced toward Friday’s close.
Laser Digital, affiliated with Nomura, noted that cooling spot-driven selling pressure has provided some stabilization room for Bitcoin; however, derivatives positioning remains fragile. The move lower was driven by perpetual (perp) selling, with heavy short-side leverage and open interest suggesting a potential for a short squeeze if prices rise.
A sustained move above $98,500 would serve as an important bullish confirmation and could trigger meaningful short covering. Trading volumes stayed elevated but below previous highs. Risk reversals lean toward puts, and the options term structure remains steep, signaling defensive positioning among traders.
For bullish investors, owning front-end topside optionality is considered a cleaner expression of bullish conviction. Short-dated gamma could benefit if forced liquidations accelerate. Call options are currently trading at a relative discount under skew.
The macroeconomic backdrop includes delays in U.S. data releases such as Nonfarm Payrolls (NFP) and Consumer Price Index (CPI) due to a government shutdown. Additionally, upcoming Nvidia earnings and shifts in AI capital expenditure are affecting overall risk appetite in the market.
