Long the Bitcoin bottom, or watch and wait? Bitcoin traders plan their next move

(BTC) faced a 9% correction in the early hours of Sept. 19 as the price traded down to $18,270. Even though the price quickly bounced back above $19,000, this level was the lowest price seen in three months. However, pro traders held their ground and were not inclined to take the loss, as measured by derivatives contracts.

Bitcoin/USD price index, 2-hour. Source: TradingView

Pinpointing the rationale behind the crash is extremely difficult, but some say United States President Joe Biden’s interview on CBS “60 Minutes” raised concerns about global warfare. When responding to whether U.S. forces would defend Taiwan in the event of a China-led invasion, Biden replied: “Yes, if in fact, there was an unprecedented attack.”

Bitcoin 3-month futures annualized premium. Source: LaevitasBitcoin 30-day options 25% delta skew: Source: Laevitas

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