Bitcoin traders see 53% odds of sub-$66K BTC by April 24
Why it matters: Bearish sentiment and macro factors are challenging Bitcoin's stability, signaling potential further downside for investors.
- Bitcoin options traders are increasingly bearish, with 53% odds of BTC staying below $66,000 by April 24, reflecting a significant loss of confidence in the $66,000 support level.
- David Sacks' resignation as the Trump administration's crypto and AI czar, coupled with a lack of progress on a US Strategic Bitcoin Reserve plan, has added to investor uncertainty.
- Geopolitical tensions (Israel-Iran war) and US inflation threats (rising oil prices, increased military spending) are pushing traders into a risk-averse mode, impacting Bitcoin's performance and leading to a 20% underperformance against the S&P 500.
- The Bitcoin options delta skew jumped to 15%, indicating a significant premium for put options and a lack of conviction among whales that the $66,000 level will hold, with fear dominating the market since mid-January.
Bitcoin's recent dip below $66,000 has ignited bearish sentiment among options traders, who now see a 53% chance of the cryptocurrency remaining under this threshold by April 24. This decline is fueled by rising geopolitical tensions, US inflation concerns, stalled crypto legislation, and the unexpected departure of David Sacks as the Trump administration's crypto and AI czar, all contributing to a risk-averse market.
