" i have recently started wrapping the area with hot towels..."
-- I'd avoid heat. Cold should help keep the swelling down. Don't use a compression wrap your knee while sleeping.
If you're insured next month, just take it easy until then. Spin at a higher cadence (easier gear) should alleviate the pressure. If you can't find a fit -- see
http://peterwhitecycles.com/fitting.htm for example -- that alleviates the problem, then see your doctor.