Bitcoin Market Sentiment Holds Cautiously Bullish Amid Key Resistance at $99,000

The crypto market is experiencing a cautiously optimistic atmosphere, as highlighted by Greek.live analyst Adam in a recent social media post. The critical resistance level to watch is set at $99,000, with traders keenly observing potential price movements. Although a segment of the community is anticipating a price rally in March, it is essential to address downside risks, particularly in light of the recent hacking incident coupled with the prevailing low volatility.

Notably, market dynamics have shifted with a normalization of option skewness, evidenced by a considerable 50% drop in put options trading volume recorded yesterday. This volatility compression has led to a remarkable repricing of at-the-money options, which have surged in value by 40-80% from the previous trading session. In response, traders are actively formulating hedging strategies for March, aiming to secure their positions while also preserving a bullish outlook.