Options traders now price a bigger chance of Bitcoin below 70,000 dollars by Christmas than above 80,000. ⚠️
The Block reports Bitcoin was trading around 73,500 dollars on Wednesday after five consecutive weekly losses, with options traders raising the odds of a drop below 70,000 dollars by Christmas above the odds of a climb past 80,000 dollars. 📉 K33 research puts perpetual futures open interest near 353,000 BTC and calls Bitcoin ripe for a squeeze, because a breakdown could trigger substantial long liquidations while a recovery could fuel short covering, and both sides are crowded after the 725 million dollar liquidation wave. My reading is that the market is coiled, not dead, because when options lean one way and open interest stays this high, the next big move is usually violent in whichever direction breaks first, and the 200 day average near 73,150 dollars is the trigger line.
Which side gets squeezed first: the longs below 73,150, or the shorts above 76,100? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #Options
The Block reports Bitcoin was trading around 73,500 dollars on Wednesday after five consecutive weekly losses, with options traders raising the odds of a drop below 70,000 dollars by Christmas above the odds of a climb past 80,000 dollars. 📉 K33 research puts perpetual futures open interest near 353,000 BTC and calls Bitcoin ripe for a squeeze, because a breakdown could trigger substantial long liquidations while a recovery could fuel short covering, and both sides are crowded after the 725 million dollar liquidation wave. My reading is that the market is coiled, not dead, because when options lean one way and open interest stays this high, the next big move is usually violent in whichever direction breaks first, and the 200 day average near 73,150 dollars is the trigger line.
Which side gets squeezed first: the longs below 73,150, or the shorts above 76,100? 🤔
Follow for more trades.
#Crypto #Bitcoin #FuturesTrading #TradingSignals #Options
