Bitcoin traders expect a ‘generational bottom,’ but BTC derivatives data disagrees

Bitcoin is locked in a descending triangle pattern for the past three weeks. The $19,000 support remains a crucial level to determine the bulls' fate. Bitcoin derivatives metrics have significantly improved since June 30. Positive news from global asset manager VanEck may have eased traders' sentiment. Some traders are calling for a "generational bottom," but there is still a long way before investors flip bullish.Option traders remain skeptical of each price pump and are overcharging for upside or downside protection in bearish markets, according to Laevitas. It’s tough to call whether $17,580 was the cycle low, but some traders attribute the movement to Three Arrows Capital's failure to meet its margin calls. Sometimes the best trade is to wait for a clearer market structure. Source