Bitcoin Traders Fortify Defenses as Price Drops to $98K

Bitcoin traders are actively engaging in put option trading with a strike price ranging from $96,000 to $98,000, as they gradually build defensive positions. This trend follows a sharp decline in the Bitcoin price to the $98,000 level, with many traders expecting a further drop to the $94,000-$96,000 range. The group's consensus is to wait for a clear rebound confirmation near $98,000 before establishing significant long positions.

After failed breakout attempts, many traders closed out or rolled over bullish spread strategies above $104,000. The group's general consensus is to wait for a clear rebound confirmation near $98,000 before establishing significant long positions. This trend is widely believed to be related to macro factors, with the Nvidia and overall U.S. tech stock sell-off seen as the triggering factor.

The active put option trading with a strike price of $96,000-$98,000 indicates that traders are preparing for potential downside risks in the Bitcoin market. As the price continues to fluctuate, traders are taking a cautious approach by building defensive positions, which could help mitigate potential losses if the price were to decline further.

The group's general consensus is to wait for a clear rebound confirmation near $98,000 before establishing significant long positions. This approach suggests that traders are being patient and selective in their trading strategies, as they await more favorable market conditions before committing to long positions.