Bitcoin's Upside May Be Capped
Some experts believe that Bitcoin's upside is capped due to options data and market maker activity suppressing rallies, despite a long-term bullish outlook.
Following a tumultuous event last week, Bitcoin has entered calmer waters, with its price currently trading at around $113,500, down 1.5% over the past 24 hours, according to CoinGecko data.
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 has decreased to the low 40s in the short term and around 45% for longer horizons, according to Ghys.
The long-term outlook for Bitcoin remains bullish, despite current market suppression.
Author's summary: Bitcoin's upside may be capped due to market activity.
- Current price: $113,500
- 24-hour change: -1.5%
- Implied volatility: low 40s (short term), 45% (long term)
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