Analyst: The market is in an overly panicked phase, and conditions are not sufficient for BTC to continue a rapid decline
According to Odaily, Greeks.live macro researcher Adam posted on X, stating: "Bitcoin broke through the $70,000 mark without resistance. The next range, starting with 6, is the sideways zone before the Trump rally began, where support remains relatively strong. Options data shows that institutions and large investors are urgently seeking hedges and making bets. The implied volatility of BTC options for the current period has reached 100%, doubling since the beginning of the year. The main monthly options' implied volatility has also surpassed 50%, rising 15% in two weeks, and Skew has hit a new two-year low. The structure of the options market is now completely dominated by bearish sentiment, but there are also some lottery-style deep out-of-the-money bottom-fishing buys emerging. The market is currently in an excessively panicked phase, and the conditions for BTC to continue falling rapidly are not sufficient. A swift clearing of risks in the market is conducive to a rebound in prices."
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
AERO price prediction – Identifying the next short-term target for the altcoin
Swiss Franc remains near 16-month lows as rate hike odds lift US Dollar
Rapid rise in real interest rates, Goldman Sachs warns that 'systematic selling pressure' in US stocks is building at quarter-end
Goldman Sachs believes that the rapid rise in real interest rates has exerted more direct pressure on the US stock market, with rate-sensitive sectors such as small-cap and financial stocks being particularly affected. On the liquidity front, Goldman Sachs estimates that pension funds may sell around $3.3 billions in equities at the end of the month and quarter, and that CTAs may sell about $530 million worth of Russell 2000 index futures in the coming week. For the market, unless the issues of oil and interest rates are resolved, the AI narrative is "almost irrelevant."
USD/JPY falls below 157! The yen becomes the strongest G-10 currency, with the market betting on another rate hike by the central bank next month.
On Wednesday, the yen strengthened against the US dollar, with the USD/JPY rate falling below the 157 mark, as repeated warnings from the Japanese government regarding exchange rates and end-of-quarter capital flows provided support for the yen.
Crypto prices
More
