Bitcoin falls 7% from ATH – Is $110K BTC’s next key test?
Main Idea
Bitcoin's uptrend has shifted to consolidation, with profit-taking and hedging activities suggesting potential price tests at $110K or $105K.
Key Points
1. Bitcoin (BTC) has dropped 7% from its all-time high (ATH) of $123K to $114K, signaling a shift from bullish momentum to consolidation.
2. Analyst Willy Woo noted elevated speculation and profit-taking, indicating BTC may need a reset or sideways movement before the next breakout.
3. Profit-taking surged to nearly $3 billion per day in July, with potential for $4.5 billion, reflecting cooling but not extreme selling pressure.
4. Options traders are hedging for potential downside risks to $105K and $110K, while also showing interest in calls targeting $120K and $125K.
5. Spot demand has slumped, and short-term momentum appears tactically bullish, but traders are preparing for possible dips in the near term.
Description
Options traders were betting for a sharp rebound despite the recent BTC price plunge
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