Bitcoin Sentiment Turns Bullish as Put/Call Ratio Hits 6-Month Low
Key Facts
In a significant shift reflecting growing optimism in the crypto market, derivative data shows the Bitcoin options put/call ratio has plunged to its lowest level in six months. According to Glassnode data, this sharp decline indicates that traders are pivoting from downside hedging to betting on further gains, effectively challenging the 'call wall' resistance that formed following the recent $10.6 billion options expiry event.
This bullish sentiment is further supported by traders actively rebuilding upside exposure near the $65,000 level, establishing a firm base for potential recovery. Per market data, while peer assets like Ethereum show relative stability, the broader institutional flow is now favoring long positions over the protective hedging that dominated the market during the previous settlement cycle.
Looking ahead, market participants are watching for a definitive break above the $70,000 psychological resistance, fueled by this renewed buying momentum. With key US inflation data looming on the economic calendar, maintaining the $65,000 support level will be critical for sustaining this bullish reversal, especially as the asset distances itself from the monthly lows.
Latest Updates · 2
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Update: The current bearish momentum intensified following a technical rejection at the $66,000 horizontal resistance level. Analysts are now closely monitoring the bull market trendline, noting that a failure to maintain this support could expose Bitcoin to a deeper correction toward the $57,000 zone.
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Update: NYDIG reinforced this cautious outlook in a new analysis, suggesting that Bitcoin may face one final sell-off wave before a recovery phase begins. The firm warned that institutional investor confidence might not be enough to prevent traditional price corrections following periods of market euphoria.