Twenty-three agonizing days have passed since Bitcoin last closed above $32,000 and the 10% rally that took place on May 29 and 30 is currently evaporating as BTC price retraces toward $30,000.
The correlation metric ranges from a negative 1, meaning select markets move in opposite directions, to positive 1, which reflects a perfect and symmetrical movement.
If Bitcoin’s price remains above $31,000 at 8:00 am UTC on June 3, only $90 million worth of these put options will be available.
Bitcoin bears need to pressure the price below $30,000 on June 3 to secure a $115 million profit.
However, Bitcoin bears had $289 million leverage short positions liquidated on May 29, according to data from Coinglass.