Bitcoin: Skew Flips Negative as Call Vol Surges

Bitcoin investors are paying up for upside exposure as 25-delta call vol has outpaced puts at every maturity since the breakout, driving skew to its lowest levels of the year across the curve with the front end turning negative.

With BTC price at $78009.7 inside the Bollinger band, the upper resistance at $78555.37 and lower support at $76128.44 frame near-term volatility exhaustion while the bullish EMA50 at $72575.47 and EMA200 at $67072.03 act as concrete long-term supports; the MACD death cross at 1772.46 signals fading momentum even as RSI at 67.38 stays neutral, pointing to a probable healthy retracement toward the 50-EMA before continuation.