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Bitcoin Options Shift Has Some Bulls Calling $40,000 the Bottom

  • Demand for put-versus-call options is easing, Genesis says
  • CrossTower, Snickerdoodle see Bitcoin resuming push higher
A technician inspects racks of mining rigs at a center in Nadvoitsy, Russia.

A technician inspects racks of mining rigs at a center in Nadvoitsy, Russia.

Photographer: Andrey Rudakov/Bloomberg
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Investors searching for clues as to where Bitcoin is headed next may want to take a look at what the options market is signaling.

The world’s largest cryptocurrency rebounded this week after falling below $40,000 for the first time since September on Monday. The drop put holders on edge. For one, it marked a downturn of roughly 40% from the coin’s record high in November. It also served as a test of what is seen by several technical analysts as a key support level: $40,000.