Bitcoin vulnerable in low-$70,000 range as options market shifts

A CoinNess analysis indicates that the low-$70,000 range is becoming the most vulnerable area for Bitcoin amid potential declines in the options market. September-expiry Bitcoin call options at $70,000 represent the largest concentration with 11,308 contracts. Although this suggests bullish positioning, Bitcoin is currently trading 9.8% above this level, implying these positions were established earlier when Bitcoin was around the low $60,000s. The report highlights greater concern on the downside, noting that September Bitcoin options have 1.8 times more calls than puts, with bullish positions concentrated between $78,000 and $100,000. In contrast, downside hedges are clustered below $60,000, resulting in thin positioning between $68,000 and $75,000. A rapid decline into this range could lead to unexpected market moves for investors holding current positions.

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