10x Research: Bitcoin falls below $69,000, derivatives market turns defensive, downside risks intensify
Odaily reported that 10x Research posted an analysis on the X platform, pointing out that bitcoin has fallen below the key price level of $69,000, with a clear shift in market structure and significant signs of traders adjusting their positions. Futures traders have substantially closed long positions, funding rates have turned deeply negative, and meanwhile, options flows have clearly shifted toward downside protection. Short-term volatility has rebounded to the mid-range, skew remains negative, reflecting the market's ongoing demand for hedging against downside risks.
10x Research further stated that the current market is no longer trading around expectations of breaking above $75,000. Faster-reacting traders in the derivatives market have already adjusted their positions, and the overall market is preparing for uncertainty or even greater volatility. On the macro level, the market has begun pricing in rate hike expectations, while the Federal Reserve continues to signal rate cuts—a divergence that is unlikely to persist for long. If the oil price shock further develops into a growth shock, risk assets may come under pressure. The key price range has entered a sensitive stage; once it is breached, the downward trend may accelerate.
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.
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