Bitcoin Rally Faces Doubt as Derivatives Signal Bearish Sentiment

[mendez]

BTC 30-day options skew (put-call) at Deribit. Source: Laevitas.ch

Bitcoin climbed to a four-week high near $72,000 after rallying 22% from its $60,000 February low, but derivatives data suggests traders remain cautious. Demand for downside protection continues to dominate, with put options trading at a notable premium over calls on major platforms like Deribit. Meanwhile, Bitcoin futures premiums remain below the neutral 5% threshold, signaling weak bullish conviction despite the recent recovery.

The broader hesitation may stem from the lingering impact of February’s sharp 32% correction. Even as prices push higher, professional traders appear unconvinced that the rally has strong enough momentum to sustain a breakout toward January’s $78,700 monthly close. For now, bears seem comfortable holding their ground.

[johnblockbuster]

btc at 72k and traders still buying downside protection… trauma from that 32% drop is real