Analysis Firm Shared In-Depth Technical Analysis: Where is the Resistance and Support Level in Bitcoin? What Are Options Traders Doing?

Cryptocurrency analysis firm Greeks.Live reported that market sentiment is predominantly bearish and traders are expecting further decline.

According to the analysis company, many closely monitor the range of $87,000-89,000 as a key resistance level, while considering $82,000 as a short-term bottom. However, there are differences of opinion about whether a sustainable ground is forming.

Greeks.Live highlighted the following in the latest market update:

• Severe price fluctuations - "The market experienced extreme price fluctuations, with Bitcoin moving $6,000 in a single day, creating a pattern that traders describe as 'bi-directional incentives.'"
• Changes in options trading - "Many traders are selling call options in the range of $89,000 to $90,000 as their preferred strategy in the current environment."
• Persistent downward trend - 'The selling trend continues to be prominent, indicating that market expectations are still downward despite short-term upward movements.'
• Liquidity-focused movements - Some traders believe that the market is in a phase of a 'liquidity game' and emphasize the need for quick entries and exits.

Additionally, geopolitical events also contributed to the uncertainty in the market. Greeks.Live stated that Trump's tariff announcement and subsequent policy reversals fueled unpredictable price movements, leading many investors to adopt a wait-and-see approach.