Bitcoin's Upside May Be Capped
Some experts believe that Bitcoin's upside is capped due to options data and market maker activity suppressing rallies, despite a long-term bullish outlook.
Following last week's tumultuous event, which triggered the worst cascading liquidations in crypto's 16-year history, 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 during the sell-off led to an uptick 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.
- Bitcoin's price: $113,500
- 24-hour change: -1.5%
- Implied volatility: low 40s (short term), 45% (long term)
Author's summary: Bitcoin's growth may be limited by market factors.
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