Bitcoin put-call ratio hits 1-year high: Are bears preparing for drop to $55K?
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Rising demand for put options and persistent ETF outflows highlight Bitcoin's weakness despite lower oil prices.
Key takeaways:
Bitcoin has failed to reclaim the $61,000 mark since Thursday, despite optimism fueled by lower crude oil prices following the US and Iran's 60-day ceasefire agreement. Demand for downside Bitcoin price protection jumped to unusually high levels, prompting traders to question whether $55,000 is the next target.
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