Bitcoin's price is under pressure as large holders ramp up covered call selling, creating a persistent sell-side bias. This activity, which involves selling call options while holding the underlying asset, is leading market makers to hedge by selling Bitcoin, thereby limiting upward price movement and reducing volatility. Analysts, including Jeff Park from ProCap BTC, suggest that this strategy effectively sets a price ceiling for Bitcoin. The near-term price outlook hinges on options market flows, volatility changes, and U.S. monetary policy signals.