Bitcoin Plummets to $98K as Traders Anticipate Further Declines

Bitcoin's price has plummeted to $98,000, with traders anticipating further declines amid market turbulence. According to a recent analysis by COINOTAG, market sentiment has shifted significantly following Bitcoin's recent price decline, with traders adopting a predominantly bearish stance. 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.