Bitcoin (CRYPTO: BTC) options put/call ratio fell to a six-month low near 0.59, with traders cutting downside hedges and rebuilding call exposure at the $64,000-$65,000 range as Glassnode flagged a constructive shift in sentiment.

What Is The Options Market Actually Saying?

The put/call ratio dropping to 0.59 marks a decisive shift in how traders are positioned. 

A ratio below 1.0 means more calls than puts are outstanding, and at a six-month low, the positioning reflects growing confidence that Bitcoin holds and pushes higher from current levels.

Implied volatility also declined, with Bitcoin’s DVOL falling from 48 to 40 as price recovered from June lows. 

Glassnode noted this reflects the options market unwinding part of June’s fear premium, though volatility remaining above May lows means uncertainty has eased rather than disappeared.

The $68,000 To $70,000 Zone Is The One To Watch

Bitcoin is consolidating near $63,000, sitting below a dense negative-gamma cluster between $68,000 and $70,000. 

Glassnode flagged that a move into that zone could trigger pro-cyclical dealer hedging and amplify volatility in either direction.

That level aligns with what analyst Michaël van de Poppe has been watching all week. 

He said Bitcoin’s structure still favors upside and a clean break above $65,000 sets up a strong run, a call he maintained even after two failed attempts to hold that level following Tuesday’s CPI-driven spike to $65,235.

Can Bitcoin Reclaim $65,000 After This Week’s Rejection?

The longer-term trend still leans bearish. The 20-day SMA at $62,595 sits below the 50-day at $63,686, and the 50-day sits well below the 200-day at $73,274, keeping the death cross from November 2025 as the dominant backdrop.

RSI sits at 47.24, neutral and not yet showing the kind of momentum that confirms a trend change. Buyers need to reclaim the 20-day EMA at $63,251 to shift the path of least resistance away from sideways-to-lower.

Key levels for Bitcoin:

  • $63,251 — 20-day EMA, immediate level bulls need to reclaim
  • $65,000 — breakout trigger van de Poppe is watching
  • $68,000 to $70,000 — negative-gamma cluster where volatility could amplify
  • $73,274 — 200-day SMA, longer-term overhead supply

Photo via Shutterstock