Bitcoin's strong momentum early in the year is now facing a crucial test around the 90K mark. What's particularly interesting is how the derivatives market is pricing this moment—the options data tells quite a story. Volatility is responding to the price action, while skew patterns are shifting as traders adjust their hedging and directional bets. Recent options flow shows real positioning changes, revealing where smart money is placing their attention. Whether this level holds or breaks will likely hinge on how conviction flows through the options market over the coming sessions.