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Bitcoin traders are exercising caution, as reflected in the historic drop in Bitcoin Options Open Interest (OI) to $27 billion. Key points:

- The decline in OI indicates reduced speculative activity and heightened trader caution amid market uncertainties.
- Trading volumes have also contracted, suggesting a lack of momentum to sustain speculative bets.
- Bitcoin's price has dropped below its 50-day moving average, signaling a bearish turn in the short term.
- The market may remain range-bound between $90,000 and $95,000 in the near term, with a breach of these levels potentially triggering a further sell-off or recovery.
- The shift to caution could pave the way for greater market stability, but the market remains sensitive to external triggers.