Bitcoin Holds At $69,000— Glassnode Data Shows | Crypto News
Bitcoin (BTC) has settled back into the acquainted consolidation band between roughly $65,000 and $74,000 after a short-lived attempt to clear larger resistance partitions at around $76,000 earlier in the week failed.
Trading around $69,000 at the time of writing, on-chain analytics from Glassnode and market commentary from analysts counsel the market is probably going to stay in an accumulation part through the end of March, with a number of indicators pointing to decrease near-term volatility but heightened defensive positioning.
Rising Demand For Downside Protection
Glassnode’s posts on X (previously Twitter) spotlight record-high positioning in derivatives markets: choices open curiosity reached a new all-time high forward of the current quarter’s expiry.
That elevated positioning might still mirror short-term hedging quite than directional conviction, and the firm famous that the image of refreshed positioning and sentiment ought to turn out to be clearer after the March 27 expiry.
Volatility metrics are displaying indicators of normalization. At-the-money implied volatility (1‑week ATM IV) has cooled from about 70% to 53%, and longer-dated maturities have fallen roughly 10 vols from current highs. This drop in implied volatility signifies merchants predict less dramatic price swings in the rapid time period.
Despite falling IV, skew measures have widened back toward the draw back. After the failed breakout to $75,000, demand for draw back safety reemerged, and 25‑delta skew moved into the 15–20% vary. The renewed premium for put choices displays warning among individuals who are searching for safety against a reversal.
That warning exhibits up in circulate dynamics. Glassnode reported that the put/call ratio flagged restricted momentum to maintain a push above $75,000. On the best way up, flows had been dominated by put shopping for above $72,000—a traditional signal that the market was fading the breakout—while the pullback was accompanied by a temporary surge in call purchases.
In the most current 24‑hour tape, put buys led the best way with a 30.7% share of exercise, and calls lagged at roughly 10%, underscoring a defensive tilt after the rejection at $75,000.
Consolidation Rather Than Immediate Breakout
Gamma positioning has also been adjusted. For the Q1 expiry, short gamma publicity around the 75,000 strike contracted from $3.9 billion to $2.4 billion in under two days, a $1.5 billion unwind as costs moved away from that stage.
Lower gamma publicity reduces the need for sellers to dynamically hedge, which in flip can dampen directional flows and help clarify half of the pullback.
Relatedly, the volatility risk premium (VRP) has reset. Over the past week, short-gamma positions had been profitable because implied volatility exceeded realized volatility, but realized volatility elevated during the selloff, compressing the VRP.
With VRP close to equilibrium, option costs now look more pretty valued—another indicator that the market could also be settling into a consolidation vary quite than making ready for an rapid breakout.
Bitcoin Nears Key Multi‑Year Support
When it comes to full price analysis, market skilled Ali Martinez lately flagged a longer-term technical backdrop that could also be constructive. He famous Bitcoin is approaching a multi-year trendline that has supported major advances in earlier cycles.
The skilled asserted that every contact of this foundational assist over the past 9 years has preceded important rallies: the 2017 parabolic run, the 2020 rebound from the COVID crash, and the 2022 recovery after the FTX collapse.
That trendline now lives between roughly $60,000 and $56,000; if it holds, Martinez believes the world might turn out to be more than just a bounce zone and serve as a potential launchpad for the next sustained bull part.
Featured image from OpenArt, chart from TradingView.com
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