Bitcoin (BTC) remains stuck between $100,000 and $110,000, with traders opting for caution in the absence of a clear breakout. In its latest report, QCP Capital notes that options investors have pushed their bullish expectations to September, reflecting risk aversion amid current market uncertainty.
Implied volatility has dropped to its lowest level in a year, and historically, volatility tends to decline further during the summer months. This same seasonal trend last year prevented BTC from breaking above $70,000. While upcoming U.S. inflation (CPI) and producer price (PPI) data may spark short-term moves, recent strong jobs numbers had little lasting impact—suggesting macroeconomic releases are losing influence over BTC price action.
According to QCP, a decisive move below $100,000 or above $110,000 is needed to trigger meaningful momentum. However, without a strong catalyst in sight, short-term risk appetite in the options market is fading, with traders increasingly deferring directional bets to later in the year.
