Greeks.live: Put options with an exercise price of 9.6-9.8 ten thousand US dollars are actively traded, traders are actively establishing defensive positions
In a message from ChainCatcher, Adam, an analyst at Greeks.live, pointed out that after Bitcoin's price fell below $98,000, market sentiment turned bearish. Traders anticipate the price may further probe down to the range of $94,000-$96,000. Put options with strike prices between $96k-$98k are noticeably active indicating traders are actively establishing defensive positions.
The analysis shows that several traders have already closed or rolled over bullish spread strategies above $104k. The market generally believes this round of decline was influenced by Nvidia and sell-offs in the US tech sector. The consensus within the Greeks.live community is that it would be appropriate to re-establish long positions only after clear rebound signals appear near the $98k mark.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
A HYPE whale transferred 266,600 tokens worth approximately $24.29 million to exchanges within three days.
Former senior official of the Bank of Japan predicts that a rate hike in October is "a real possibility," with a very low probability of postponement until next year
A former executive director in charge of monetary policy at the Bank of Japan stated that the Bank of Japan may raise its benchmark interest rate for the second consecutive month at the October policy meeting, which would be earlier than most economists expect.
Falling Oil Could Trigger a 10% Stock Market Rally, Says Wall Street Strategist
Bitcoin falls below $84,000, down 0.32% in 24 hours.
Crypto prices
More
