Why Bitcoin's Upside May Be Capped
Some see Bitcoin's upside capped as options data and market maker activity suppress rallies, though the long-term outlook remains bullish.
Bitcoin is sailing into calmer waters following last week’s tumultuous event, which triggered the worst cascading set of liquidations in crypto’s 16-year history.
According to CoinGecko data, Bitcoin bounced on Monday, but the momentum has slowed, leaving it to trade at roughly $113,500, down about 1.5% over the past 24 hours.
Heightened bearish activity during last week’s sell-off has led to a significant uptick in put options expiring on October 31 - Hendrik Ghys, founder of Thalex Global.
Implied volatility, a key metric reflecting market expectations of future price swings, has repriced downward to the low 40s in the short term and around 45% for longer horizons, Ghys wrote.
Author's summary: Bitcoin's upside may be capped due to options data and market activity.
- Bitcoin's price: $113,500
- 24-hour change: -1.5%
- Implied volatility: low 40s (short term), 45% (longer horizons)
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