Bitcoin: Bears Pile Into Puts Below 70K

Bitcoin broke below 70K and bears immediately stepped up, lifting put open interest at the 68K, 65K and 60K strikes while total trading volume jumped 50% overnight.

Block put flow kept climbing, short-term implied volatility rose sharply and skew flipped fully negative, confirming aggressive downside bets now dominate order flow.

On the 4h chart BTC trades at 67615.91 inside a clear bearish structure with price pinned against the lower Bollinger band support at 67854.64 while EMA50 at 73309.16 and EMA200 at 76037.4 act as stacked resistance; RSI at 17.47 shows deep oversold conditions yet MACD remains locked in a death cross at minus 1491.13, suggesting any relief rally will likely stall before testing the 50-EMA.