The pseudonymous trader known as the Byzantine General is short-term bearish as Bitcoin (BTC) continues to test the same $ 30,000 support range.

Although the bitcoin price remains above the large support level, the trader said that the price movement is not bullish. He wrote:

“In the midst of all this chaos, there is a Bitcoin chart. There isn’t much to do here. No matter how you look at it, it is bearish. But we are on support, so there is no short-term opportunity to swing either. I’m just waiting now.> You have to wait. “”
“The options market signals a bearish short-term outlook”
Analysts are seeing a similar trend in the options market and past Bitcoin fractals. Fractals are technical candlestick patterns that analysts often use to compare Bitcoin’s current price action with previous cycles.

Option signals represent a short-term bearish vision, according to analysts at data analysts Laevitas. They said:

“As bitcoin consolidation continues, the buy / sell ratio on DeribitExchange is 2 today. In the last 24 hours we saw a decent amount of purchases on March 26 – 9,000, 13,000, and 14,000 pixels. The options market indicates a bearish outlook on the short term. ”

The options market now has a greater impact on bitcoin price movements than before, because open interest is now hovering around $ 3 billion.

There are more active options contracts and more active option traders now than before. This means that if there is pressure from sellers in the options market, it is likely to have a negative impact on the bitcoin price.

Based on the fractal found by analysts at Material Scientist, historical price cycles and market data for options indicate a short-term consolidation phase. Analysts noted:

“#BTC Next Fractal – 10 Day Forecast: retest in less than 30 seconds, then submit!”

Think High Production Index
The increasing pressure from the two miners may be one of the possible reasons why the bitcoin price continues to fluctuate and stagnate.

CryptoQuant data shows that the mining center’s index is relatively high, which means that miners are listing bitcoins on stock exchanges.

Since miners are one of the few outside pressures in the bitcoin market outside of parties, the rise in the mining hub index usually precedes sales.

On January 26, CryptoQuant CEO Ki Yong Joo said:

The BTC Mining Center Index has reached an 8-year high. They recently transferred a huge amount of bitcoins. They seem to earn a stable income starting from 42k. This is one of the reasons why I maintain a bearish bias. ”
As long as the options market is leaning towards a short-term downtrend and miners continue to sell bitcoins, the bitcoin price is unlikely to rise sharply in the short term.

However, the $ 34,000 resistance level will remain key for the foreseeable future. If Bitcoin rises above this level, there is a chance to quickly reverse the upward trend.

Source: CoinTelegraph