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Bitcoin’s $20K support looks weak, but pro traders are neutrally positioned
Bitcoin (BTC) has been lingering above $20,000 for the past nine days, but worsening conditions from traditional markets are causing traders to doubt if the support will hold. The risks of a prolonged recession also increased as the Monetary Policy Committee struggled to contain inflationary pressure. The confirmation of a conservative approach from central banks can partially explain why Bitcoin failed to break the $21,000 resistance on Oct. 29 and has since declined by 4.5%. Currently, the 60-day delta skew stands at 6%, so whales and market makers are pricing similar odds of rallies and price dumps. From an optimistic perspective, there is no indication that pro traders expect a negative move. Source - Coin Telegraph #bitcoin #crypto
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