The cryptocurrency market is currently in a state of flux, with Bitcoin's price stuck between $62,000 and $72,000. This consolidation phase has been ongoing for several months, leading to increased pressure from traders who are waiting for a breakout or reversal.
One key indicator of market sentiment is the options data, which shows that investors are hedging against potential downside risks by buying put options. This cautious stance among market participants suggests that the current consolidation range may persist until external catalysts disrupt the status quo.