QCP: Bitcoin Volatility Expected to Remain High, Implied Volatility Biased to the Downside

On November 17th, QCP Capital put up a post on social media, saying that Bitcoin has almost wiped out all its gains for the year. It has dropped by 27% from its high and closed below $100,000 for the first time since May. With the 50-week moving average being broken through, the market sentiment has rapidly turned bearish. All eyes are focused on the $92,000 support level and the $88,000 CME gap, waiting to see signs of a short-term rebound. The macroeconomic headwinds still remain strong. The U.S. government reopened this week, and the long-delayed data is about to be released. It is expected that the volatility will remain high. Bitcoin's implied volatility is above 50, indicating a clear tendency towards put options.