Greeks.live: Bitcoin Could Trigger Large-scale Sell-off If It Drops Below $92,000, Current Market Prepares for CPI Reversal

BlockBeats News, February 12th, Analyst Adam from Greeks.live stated on social media that in the short term, the community generally holds a bearish view, with traders unwinding long positions and expressing concerns about the weak price action. The key support level the market is watching is the $95,000 level tested overnight, with the $92,000 to $94,000 range seen as an important support area that once breached could "trigger a massive sell-off."

Currently, the market is showing short-term weakness, with decreasing trading volume and low volatility (around 45-48%), making options trading difficult. However, a large buy order of 900 bitcoins was found at the current price level, with a "price vacuum" existing up to $98,000, suggesting a rapid market movement may occur. It is worth noting that the options landscape includes traders adjusting the strike price of their call options from $100,000 to $97,000 and closing out put options at $95,000 before the CPI data release. Additionally, there is observed selling pressure dominated by perpetual contracts, but signs of short covering appeared at the close of the U.S. trading session, preparing for a potential reversal around the CPI release.