Over the last week Bitcoin (BTC) has notably failed to act as a safe haven as investors flee riskier assets in light of concerns over the global ramifications of a potential coronavirus outbreak.

The largest digital currency has been hit hard, dropping from the upper $9,000 range to just below $8,600 before bouncing back slightly to $8,750. While it’s difficult to guess where BTC will head next, one way to get a sense of the market’s current expectations is to analyze Bitcoin options activity.

Based on data from crypto market research firm Skew, the probability of BTC being above $10K at the March 20 expiration date currently sits at 21.1%.

Data as of 2/28/20 (Skew)

While this certainly doesn’t paint the full picture, it does provide some indication that crypto investors are still somewhat bullish, but the recent selloff has certainly hurt the near-term price outlook.

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More: Bitcoin Options Data via Skew
Recent: Warren Buffett Stands by His Belief That Cryptocurrencies Have No Value

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.



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