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Options Traders Increase Bets Against Bitcoin
(MENAFN- Yolo Wire) Cryptoprowl / Options traders continue to bet against Bitcoin (CRYPTO: $BTC).
The price of Bitcoin rose as high as $70,000 U.S. in the last 24 hours, sparking optimism among retail investors on social media. However, options traders aren't taking the bait.
The price of Bitcoin rose as high as $70,000 U.S. in the last 24 hours, sparking optimism among retail investors on social media. However, options traders aren't taking the bait.
Options market activity shows that traders remain skeptical of BTC and continue to bet on the price falling to $60,000 U.S. or lower.
Market data shows that the options skew, which measures bets that Bitcoin will rise versus bets that the price will decline, remains negative across all time frames – near and far.
On crypto derivatives exchange Deribit, the $60,000 U.S. options bet remains the most popular concerning Bitcoin, with the overall positioning among traders remaining bearish.
The consensus view among analysts is that Bitcoin's price needs to rise to $75,000 U.S. for a sustained uptrend to take hold in the largest cryptocurrency by market capitalization.
Bitcoin is currently trading near $68,000 U.S.
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