Ambedata's Director of Derivatives, Greg Magadini, stated, 'We see a lot of traders owning optionality up to the $90K handle for Nov 29th and Dec 27th. But the $90k-$100k+ range has been sold to dealers. Should the market get there, we might see prices struggle, unless sentiment shifts further bullish.' This indicates a potential resistance point for Bitcoin's ascent as market makers hedge their positions.
The article emphasizes the role of market makers in price stabilization, explaining, 'When market makers have long or positive gamma exposures, they tend to buy the underlying asset when its price is falling and sell on the rise to keep their net exposure direction neutral. This hedging acts as a volatility dampener, restricting price swings,' illustrating how they can limit Bitcoin's upward momentum.
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