Bitcoin traders see 53% odds of sub-$66K BTC by April 24
Why it matters: Bearish sentiment is gripping Bitcoin, signaling potential further declines amid economic and political uncertainty.
- Bitcoin options traders are increasingly bearish, with a 53% implied probability that BTC will stay below $66,000 by April 24, reflecting a lack of confidence in the $66,000 support level.
- David Sacks' exit as the Trump administration's crypto and AI czar, following earlier comments that inflated investor expectations about a US Bitcoin Strategic Reserve, has added to market uncertainty.
- Rising US inflation threats, driven by surging oil prices and increased military spending, are pushing investors into risk-averse mode, impacting both traditional markets and Bitcoin's performance.
- The Bitcoin options delta skew has jumped to 15%, indicating a significant premium for put options over call options and signaling a strong lack of conviction among whales that the $66,000 level will hold.
- Friday's monthly options expiry heavily favored neutral-to-bearish strategies, with 97% of call options becoming void and bears gaining the upper hand as put options at $69,000 or higher surpassed $2 billion in open interest.
Bitcoin's recent dip below $66,000 has ignited bearish sentiment among professional traders, with options markets now pricing in a 53% chance of BTC remaining under this level by April 24. This decline is fueled by rising US inflation fears, 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 environment.
