Greeks.Live: Bearish sentiment on BTC is heating up in the short term, with active trading in put options

PANews reported on January 28th, according to the Greeks.Live community newsletter, the price of Bitcoin has recently plummeted to the range of $98,000-$99,000. Group members generally hold a bearish attitude in the short term and expect that the price may further probe down to the range of $94,000-$96,000. This decline is considered related to macro factors and affected by Nvidia news and overall sell-off of tech stocks.

Currently, put options trading with strike prices in the range of $96,000-$98,000 are active as traders gradually establish defensive positions. At the same time, after failed breakout attempts several members chose to close or roll over bullish spread strategies above $104k. Most traders stated they will wait for clear rebound signals near $98k before considering establishing significant long exposure.