Traders Cautious as Market Tests 70K Resistance Level

Crypto KOL 戈多Godot (@GodotSancho) posted on X. Traders are closely monitoring the market as it approaches the 70K resistance level again today. Yesterday, the price tested this resistance but fell back. Despite this, the 0.15 Delta Skew remains at a favorable 1.12, indicating a healthy pullback. However, the skew for next week remains negative, with put options being more expensive. This suggests that traders are skeptical about the weekend's upward movement and are preparing for potential downturns next week. The previous high of 70,500 is a critical level, and while it might be tested again today, failure to break through could signal a return to a short-term bearish trend. In the medium to long term, the market remains in a bearish trend.