These Two Bitcoin Indicators Provide Hope in a Depressed Market
Bitcoin’s recent drop in price has left many investors feeling gloomy, but there are a couple of indicators that offer a glimmer of hope. The first indicator is the long-term options market on Deribit, the leading exchange for bitcoin options. Despite the market downturn, bitcoin’s 180-day call-put skew remains strong, indicating a bullish bias. This suggests that investors are still betting on the price of bitcoin to rise over the next six months. The second indicator is the cumulative volume delta (CVD) on U.S. exchanges like Coinbase, Gemini, and Kraken. Despite the sell-off, the CVD has mostly remained positive, indicating that there is still buying pressure and bargain hunting happening in the market. This suggests that some traders see the current price drop as an opportunity to buy bitcoin at a lower price. While the market may be gloomy now, these indicators offer a glimmer of hope for bitcoin investors.