Oh, dearest reader, what a positively dreadful spectacle we’ve stumbled upon! Bitcoin, that wily cryptocurrency, has taken a rather tumultuous tumble. And as for the S&P 500, well, it seems to have taken a cue from a particularly dramatic opera.
On the 21st of February, in the year of our Lord 2025, the S&P 500 decided to take a rather unconventional dive, wiping out a mere $900 billion. Meanwhile, the Deribit BTC skew, that charming little metric, has sauntered into bearish territory. One might ask, how low can Bitcoin go? But then again, perhaps it’s best not to.
The Deribit Skew Dilemma – A Cryptic Conundrum
It appears that the BTC Deribit skew has taken a rather negative turn, which is rather positive for those who like to buy put options. It seems investors are preparing for a rather graceful descent.
The skew’s descent into negativity is rather like a diva’s dramatic fall from grace. It’s all very dramatic, and quite expensive, if one is to pay a premium for such protection.
In December of 2024, Bitcoin did a rather daring dive from $98,000 to $95,000. One can only hope it remembered to pack its parachute.
As the S&P 500 takes its leave from the stage of success, Bitcoin finds itself in a rather unfortunate spotlight.
The S&P 500’s Grand Exit – A Fade to Black
The S&P 500 has decided to make a rather spectacular exit, leaving $900 billion worth of market capitalization in its wake. Bitcoin holders are left to wonder if they should have invested in a more stable asset, like tea cozies.
The University of Michigan, in its infinite wisdom, has released a survey that has caused more than a few raised eyebrows. It seems US consumer sentiment has taken a rather drastic dive. One might almost think they’ve all decided to become hermits.
This rather bleak report, coupled with the ever-looming specter of inflation, has caused a rather unfortunate reduction in demand for risk assets.
With such bearish signals, one might wonder if Bitcoin is preparing for a rather dramatic fall.
Bitcoin’s Pending Performance – A Cliffhanger
Bitcoin’s price seems to be caught in a rather unfortunate bearish momentum, with the RSI line taking a rather unseemly dip to 45. It’s all rather unsavory, really.
Traders would be wise to keep an eye on the key resistance level at $92,600. If Bitcoin were to take a tumble below this, it would be a rather unfortunate turn of events.
And as for the key resistance level at $98,330, Bitcoin managed to flip it just before the market decided to throw a rather dramatic tantrum.
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2025-02-22 14:13