There are a few key dates to watch closely in December.

First is the Fed decision on the 11th. The probability of a rate cut has already soared to 87%. With expectations this high, if they suddenly change course, the market is bound to shake.

Next, on the 19th, the Bank of Japan might move to raise interest rates. If that happens, the global flow of money will tighten up.

The most significant event is on the 26th—BTC will see its largest options expiry of the year, with a notional value of $23 billion. Both bulls and bears are currently fighting over the major pain point at $100,000 and the concentrated put area at $84,000. This round of tug-of-war is expected to be particularly intense.