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, although the long-term outlook remains bullish.
Following last week's tumultuous event, which triggered the worst cascading set of 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 last week's sell-off has led to a significant uptick in put options expiring on October 31 - Hendrik Ghys, founder of Thalex Global.
Implied volatility, a key metric reflecting market expectations of future price swings, has repriced downward to the low 40s in the short term and around 45% for longer horizons, according to Ghys.
Author's summary: Bitcoin's upside may be capped due to market activity.
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