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 has led to an increase in put options expiring on October 31, as noted by Hendrik Ghys, founder of Thalex Global, in a tweet.
Implied volatility has repriced downward to the low 40s in the short term and around 45% for longer horizons, according to Ghys.
The long-term outlook remains bullish, despite current market conditions.
Author's summary: Bitcoin's upside may be capped due to market activity.
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