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Bitcoin Dips Below $67K but Derivatives Stay Strong: Is the Next Bull Run Around the Corner?

Admin

October 21, 2024

Bitcoin’s price took a dip on October 21, 2024, falling below $67,000 and wiping out the gains made earlier in the week. Many analysts point to fears stemming from traditional markets as a key factor, with investors reducing their Bitcoin exposure amidst growing economic uncertainty. But here’s the interesting part—despite the price correction, Bitcoin derivatives have remained notably stable.

Bitcoin Derivatives: A Sign of Confidence

While traditional markets are showing signs of volatility, Bitcoin futures and options markets have held firm. The annualized premium on Bitcoin futures stayed above 9%, even as the price tested the $67,000 support level. This signals that traders remain confident about Bitcoin’s long-term outlook, despite short-term turbulence. In simpler terms, the big players in the market—whales and arbitrage desks—aren’t expecting a major downturn.

A Strong Market Amid Uncertainty

The stability in the derivatives market suggests that Bitcoin’s price movement is currently mirroring traditional stocks, with a strong 40-day correlation to the S&P 500. Even gold, another safe-haven asset, has shown a rising correlation with Bitcoin in recent weeks. Despite the dip, it’s clear that Bitcoin is holding its own amid broader market uncertainty.


The options market also reinforces this sentiment. The 25% delta skew—a key indicator of market sentiment—remains in a neutral to bullish range. If traders were expecting further downside, we would have seen this skew shift more dramatically, but that hasn’t happened.

What’s Next for Bitcoin?

As we navigate this period of market volatility, one thing is clear: the fundamentals of Bitcoin remain strong. The lack of panic in the derivatives markets shows that traders and investors continue to have confidence in Bitcoin’s resilience.


For CriptoBeast investors, this could be an excellent time to review your portfolio, reassess your strategy, and prepare for the next upward move. Volatility brings both risks and opportunities—are you ready to make the most of it?


Stay informed with CriptoBeast and let us guide you through every twist and turn of the crypto market. Whether it’s trading insights, long-term investment strategies, or updates on market movements, we’ve got you covered.

Get ahead in the market with CriptoBeast’s suite of crypto investment services—your gateway to sustainable ROI.

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