According to an analysis published on the X platform by Odaily Research, Bitcoin has fallen below the key price level of $69,000, indicating a significant shift in market structure and substantial signs of trader position adjustments. Futures traders have significantly closed out long positions, with funding rates turning deeply negative. Simultaneously, options funding flows have clearly shifted towards downside protection, short-term volatility has rebounded to the mid-range, and skewness remains negative, reflecting the market's continued demand for hedging against downside risk.
10x Research adds that the market is no longer trading around the $75,000 breakout target. Faster-reacting traders in the derivatives market have already adjusted their positions, and the overall market is preparing for uncertainty and even greater volatility. On the macro level, the market is beginning to price in interest rate hikes, while the Federal Reserve is still signaling rate cuts; this divergence is unlikely to last. If the oil price shock further evolves into a growth shock, risk assets may come under pressure. The key price range has entered a sensitive phase; a breach could accelerate the downward trend.
