Bitcoin’s showing some signs of life after getting absolutely crushed lately. It bounced back over the weekend and is sitting around $88,332 right now, up about 2.5% from its weekend low of $85,550. Everyone’s wondering if this is actually real or just another head fake before it dumps again.
Glassnode is saying the selling pressure is letting up a bit. They’re calling it a move from “aggressive selling to a more orderly de-risking phase.” Basically people aren’t panic selling anymore. Open interest is stabilizing, and spot activity’s been pretty quiet, which could mean the worst is behind us for now.
The options market’s telling an interesting story too. The 25-delta skew jumped from -10.96 to -4.58, meaning traders aren’t loading up on puts for downside protection like they were before. They’re actually buying calls again at strikes like $100,000, $116,000, and $118,000. That shows some optimism coming back into the market.
But analysts aren’t getting too excited yet. Ryan Yoon from Tiger Research says Bitcoin needs to get back above $87,000 to $88,000 before we can really call this a recovery. Below that it’s just a relief rally with capped upside. Bitwise’s Matt Hougan says institutions are still “patiently bullish,” though, so there’s conviction out there still.
Conclusion
Bitcoin’s weekend bounce reflects easing panic and cautiously improving sentiment, though whether it marks a real recovery or temporary relief rally depends on reclaiming key resistance levels ahead.
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