🚀 BITCOIN ENTERING BEAR MARKET BEFORE JACKSON HOLE
🟢The 180-day buy-sell skew on Deribit has dropped to -0.42, the lowest since June 2023 → indicating a surge in put option demand (risk protection).
🟢BTC is currently around 113,700 USD, having fallen below the Guppy Moving Average band – a signal that the buying side has lost control.
🟢Only -8% from the peak of 124,000 USD last week, but the medium-term sentiment has turned pessimistic.
🟢Investors are betting on a put strike of 110,000 USD for August-September, hedging against volatility ahead of Powell's speech at Jackson Hole (08/23).
➡️ If the Fed only signals a rate cut “as expected” → it could be a sell-the-news scenario.
➡️ If the Fed signals a stronger-than-expected rate cut → new risks could turn into momentum for the next bullish wave.
