The odds of Bitcoin price holding the $30,000 level as support are higher this time around according to noshitcoins interpretation of options and futures data.
Bitcoin has been trading above $31,000 after its 24.3% rally between June 15 and June 23, which caught many off guard. For bears, that meant facing $165 million in short futures contract liquidations, but the unexpected rally also brought some degree of discomfort for investors using Bitcoin derivatives.
Investors now question whether Bitcoin has the strength to trade above the $30,000 resistance amid the bearish pressure emerging from a potential economic recession and further central bank activity aimed at curbing the demand for capital. In short, if traders anticipate a Bitcoin price drop, the skew metric will rise above 7%, and phases of excitement tend to have a negative 7% skew.The 25% delta skew metric did a complete turnaround as it exited the “fear” mode on June 16 as Bitcoin’s price reclaimed the $26,000 support. The indicator continued to improve until June 22, culminating with the moderate “greed” sentiment at a negative 8% skew.
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