Bitcoin (BTC) dropped below $63,000, marking a 1.4% decline over the past 24 hours, as traders locked in profits following a recent rally. Despite increasing spot prices, implied volatility for BTC and ETH has shifted towards put options rather than calls until October. This surprising trend suggests the market may have already priced in the recent rise and is now quickly cashing in by selling call options. Broader Crypto Market Sees DeclinesThe dip in Bitcoin triggered a broader downturn across the crypto market, with major cryptocurrencies like Ether (ETH), BNB, Cardano (ADA), and XRP also facing losses. Memecoin Dogecoin (DOGE) led the declines with a 4% drop, while Ton Network’s TON suffered a significant 20% loss over the week, influenced by the arrest of Telegram’s CEO. Volatility and Market HesitationWhile Bitcoin’s price trend is clear, the sudden volatility reflects market hesitation. With short-term option volatility on the decline, BTC’s spot price is expected to fluctuate within the $62,000 to $67,000 range in the near term. However, upcoming events, such as NVIDIA’s earnings report on August 28 and U.S. Personal Consumption Expenditures (PCE) data on August 30, are expected to bring no major surprises. QCP Capital’s Strategy: Bullish But CautiousDespite the overall market correction, QCP Capital, a Singapore-based trading desk, noted an increase in call spread buying, signaling a generally bullish sentiment among traders. However, this strategy suggests that while optimism remains, a significant price surge in the near term is unlikely. Traders focus on call options at the $100,000 level for Bitcoin, indicating cautious optimism without expecting a dramatic rise.More By This Author:Bitcoin At $64,000 As Crypto Gets Political Support In The USXRP Price Extends Consolidation: Is It Preparing For A 20% Surge Or A 25% Pullback?BNB Coin Price Prediction 2024-2030: Will BNB Hit $1000 In 2024?
