Greeks.live: Put options with an exercise price of 9.6-9.8 ten thousand US dollars are actively traded, traders are actively establishing defensive positions

In a message from ChainCatcher, Adam, an analyst at Greeks.live, pointed out that after Bitcoin's price fell below $98,000, market sentiment turned bearish. Traders anticipate the price may further probe down to the range of $94,000-$96,000. Put options with strike prices between $96k-$98k are noticeably active indicating traders are actively establishing defensive positions.

The analysis shows that several traders have already closed or rolled over bullish spread strategies above $104k. The market generally believes this round of decline was influenced by Nvidia and sell-offs in the US tech sector. The consensus within the Greeks.live community is that it would be appropriate to re-establish long positions only after clear rebound signals appear near the $98k mark.