QCP: Bitcoin Volatility Expected to Remain High, Implied Volatility Biased to the Downside

November 17th, QCP Capital posted on social media, stating, "Bitcoin has nearly wiped out all of its gains for the year, dropping 27% from its high, and closing below $100,000 for the first time since May. With the 50-week moving average breached, market sentiment has quickly turned bearish, with all eyes on the $92,000 support level and the $88,000 CME gap, watching for signs of a short-term rebound.""The macro headwinds remain strong, with the U.S. government reopening this week and long-delayed data set to be released. Expect volatility to remain high, with Bitcoin's implied volatility above 50, showing a clear bias towards put options."