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Bitcoin Options Market Eases As 25 Delta Skew Cools From Recent Highs | Bitcoinist.com
A Calmer Bitcoin Options Market
Bitcoin has displayed significant resilience since this week began, and several on-chain metrics are starting to move into positive territory as a result of its remarkable upward performance. One of the several key metrics that has turned positive is the Bitcoin Options 25 Delta Skew.
Related Reading: Bitcoin Options Flip Bullish: Traders Bet on Rebound Despite Price DipIn recent research shared on the X (formerly Twitter) platform, Glassnode, a leading on-chain data analytics platform, revealed that the Bitcoin Options 25 Delta Skew has witnessed a notable drop in the last few days. While the drop may seem like a cause for alarm, it is actually a good sign of growing market sentiment.
A drop in this crucial metric that gauges trader sentiment and risk appetite implies that the options market is slowly stabilizing or cooling down. This shift is the metric that often suggests that excessive hedging action is abating.
Data shows that the skew in the 1-week time frame has fallen by nearly 8%, particularly from 10% to 2.96%. Furthermore, the skew has also dropped to -2.6% and -4.3% in the 3-month and 6-month time frames, respectively.
Glassnode noted that the development suggests less short-term panic but persistent medium-term caution when coupled with a put-heavy volume profile. Given the renewed upward trend in price, this cooling phase might play a pivotal role in Bitcoin’s subsequent move.
BTC Set For A Rally To New Highs
While BTC’s price has recovered remarkably from recent pullbacks, technical indicators suggest a continuation of the uptrend, potentially leading to a new all-time high in the coming weeks. Captain Faibik, a crypto analyst and trader, asserted that BTC is currently forming a Bullish Flag formation, a structure typically associated with price spikes
Related Reading: Bitcoin To Surge To $130,000 Next? What The Wave Count SaysBitcoin may be setting up for a rally, but the expert claims that a final correction is likely to occur before the massive leg-up kicks off. The analyst expects the asset to drop to the $97,000 and $98,000 price range before bouncing back toward the $108,000 crucial resistance level
Captain Faibik’s analysis reveals that $108,000 is the next pivotal level that bulls must break and close above for BTC to confirm a clean breakout from the flag pattern. Upon confirmation of the breakout, the expert believes that Bitcoin will rally to $130,000, which he has placed as his mid-term target.