Wider economic and stock market-related issues are impacting Bitcoin’s softening price, but futures market data shows traders still feel bullish.
Bitcoin’s (BTC) price momentum has cooled since the Oct. 29 rally toward the all-time high, but the derivatives market continues to project traders’ optimism in a price recovery.
The analysis of Bitcoin futures and options markets suggests that traders are maintaining positions without excessive leverage, which is crucial for a sustainable push toward new all-time highs. However, understanding the trigger for Bitcoin's price drop to below $69,000 on Nov. 1 remains essential.
Bitcoin 1-month options delta skew, put-call. Source: Laevitas.ch
