Will Bitcoin Bounce Back? Traders Place Their Bets on a Rocky Q4, Data Shows

Will Bitcoin Bounce Back? Traders Place Their Bets on a Rocky Q4, Data Shows


So far, Bitcoin has seen significant volatility in the last trading session, hinting at frail investor sentiment. Earlier today, the asset soared to as high as $57,300. However, the asset now appears to have run out of steam after reaching this mark as it trades at $55,966, down by 1.6%.

This surge in volatility is a sign that the market has become more fearful as traders watch several key technical levels. However, the latest data suggests a shift in trader patterns as more defensive strategies are sought.

Analysts from the ETC Group report have noted a substantial increase in the open interest in Bitcoin options, pointing towards a strategic preference for downside protection.

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