Bitcoin price struggles to rise above $21,000 and charts suggest that the $20,000 support is weak. noshitcoins explores how pro traders are positioned in the futures and options markets.
) has been lingering above $20,000 for the past 9 days, but worsening conditions from traditional markets are causing traders to doubt if the resistance will hold.
Let’s take a look at derivatives metrics to better understand how professional traders are positioned in the current market conditions.The 25% delta skew is a telling sign of when market makers and arbitrage desks are overcharging for upside or downside protection. There are occasional methodological discrepancies between different exchanges, so readers should monitor changes instead of absolute figures.Even though Bitcoin has rallied 9% from Oct. 22 to Otc. 29, professional traders slightly reduced their leverage long positions, according to the long-to-short indicator.
These two derivatives metrics — options skew and long-to-short — suggest that the 4.5% Bitcoin price correction since the $21,000 test on Oct. 29 was backed by a moderate level of distrust from leverage buyers.
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