‘On a knife’s edge’: Analysts say bitcoin faces rising downside bets amid year-end uncertainty and mixed macro data

Crypto markets, particularly Bitcoin, are described as being "on a knife's edge" as traders position for downside risks heading into the end of the year, evidenced by a concentration of put options at the $85,000 strike. Bitcoin is stalling near $87,000, failing to reclaim $90,000, leading analysts like Nick Forster to note increased protective positioning, with 30-day volatility climbing. While some calls exist for a rally above $100,000, the dominant flow shows bears accumulating substantial put exposure. Ethereum's options positioning is more balanced, though caution remains short-term. Analysts suggest that mixed U.S. economic data, particularly the upcoming CPI report, serves as the next major catalyst, as Bitcoin remains trapped below key structural levels like $90,000, suggesting distribution rather than accumulation. Despite positive spot ETF inflows, overhead resistance and macro uncertainty keep the risk balance skewed toward consolidation or downside.

(Source：The Block)