Bitcoin Traders Swing Bearish as BTC Price Languishes Below $80K
The probability of Bitcoin dropping to $69,000 has risen to 68% on prediction platform Myriad, amid increased bearish sentiment as BTC fell below $80,000. Over the past week, Bitcoin's price dropped 11%, hitting a low of $74,591 before rebounding to $78,453. Investors are concerned about macroeconomic uncertainty following a partial U.S. government shutdown and the potential nomination of Kevin Warsh as Federal Reserve Chairman. Warsh is perceived as more hawkish on monetary policy than current Chair Jerome Powell, raising fears of interest rate hikes if inflation resurges. Crypto analysts note Bitcoin’s recent stabilization but caution that momentum remains negative and further liquidation-driven declines are possible. Options markets reflect caution, though not as severe as in previous downturns. Some traders use a “short seagull” options strategy to hedge against downside risk while limiting gains in a rebound. Despite the current pessimism, Myriad users place less than a 4% chance on the onset of a prolonged crypto winter.
