Bitcoin's Upside May Be Capped
Some analysts 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 slowed its momentum, trading at around $113,500, down 1.5% over the past 24 hours, according to CoinGecko data.
- Heightened bearish activity led to an uptick in put options expiring on October 31, according to Hendrik Ghys, founder of Thalex Global.
- Implied volatility has repriced downward to the low 40s in the short term and around 45% for longer horizons, Ghys noted.
Bitcoin is sailing into calmer waters after the worst cascading set of liquidations in crypto's 16-year history.
Author's summary: Bitcoin's upside may be capped due to market activity.
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