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.
Bitcoin has stabilized after a tumultuous event last week, which triggered the worst cascading liquidations in crypto's 16-year history. The cryptocurrency bounced back on Monday but has since slowed, trading at around $113,500, down 1.5% over the past 24 hours, according to CoinGecko data.
Heightened bearish activity has led to a significant uptick in put options expiring on October 31, and implied volatility has repriced downward to the low 40s in the short term and around 45% for longer horizons.
This information was provided by Hendrik Ghys, founder of Thalex Global, in a Monday tweet.
Author's summary: Bitcoin's price growth may be limited.
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