Bitcoin Plummets to $98K Amid Market Turmoil; Traders Anticipate Further Declines

Bitcoin's price has plummeted to $98,000, with traders anticipating further declines amid market turbulence. According to analysis from COINOTAG, market sentiment has shifted significantly following Bitcoin's recent price decline, with trader sentiment turning predominantly bearish. Forecasts suggest potential further declines into the $94,000-$96,000 range, largely attributed to overarching macroeconomic factors, particularly the sell-off in Nvidia and broader U.S. tech stocks, which has influenced trading strategies.

Market activity indicates a surge in put option trading centered around a strike price between $96,000 and $98,000, as traders adopt defensive positions. Many participants have opted to close or adjust their bullish spread strategies following unsuccessful breakout attempts beyond $104,000. The consensus currently suggests a prudent approach, advocating for a wait-and-see strategy until a robust rebound confirmation near $98,000 materializes before committing to new long positions.