Bitcoin (BTC) Price Today: Traders Prepare For Crash to $75K

Bitcoin traders are preparing for a potential downturn as the price has dropped over 25% to around $83,700 this month. According to blockchain analytics firm Glassnode, there is significant activity in the options market, notably with many traders buying put options at a $75,000 strike price since Bitcoin fell below $94,000 recently. This suggests that many are betting on further declines, reflecting a bearish outlook. Over 65% of recent options activity has been in put options, indicating aggressive hedging against downside risks. The trading shift from call options, previously focused on prices as high as $140,000, to put options illustrates widespread concern amongst traders about a market bottom yet to be established.

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