The Latest Rally Failed to Convince Option Bulls: They’re Still Expecting a Bitcoin Drop! Here’s the Critical Level!

Bitcoin has experienced its long-awaited recovery, with the price approaching $70,000.

This rise has increased optimism among investors, and claims of Bitcoin (BTC) hitting rock bottom have proliferated on social media platforms like X.

However, this rise has not convinced options traders. Options data shows that they remain skeptical and are taking precautions against the risk of a potential drop below $60,000.

Speaking to Coindesk, Deribit executive Sidrah Fariq said that while there has been an increase in call options following the rise, put options are still dominant.

Fariq noted, citing Deribit data, that the $60,000 put option remains the most popular position, with a nominal open interest (OI) of $1.48 billion.

In contrast, the most popular call option was the $90,000 option, with an OI of $1.12 billion. This clearly shows that short positions continue to dominate overall positioning.

*This is not investment advice.

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