Bitcoin nears 2024 lows as options traders pay up for downside protection
Bitcoin and Ether are testing multiyear support levels as market sentiment remains bearish and options traders hedge against further downside. Despite stability in traditional equity markets, crypto assets are seeing increased selling pressure and negative funding rates.
Why it matters
The current market behavior reflects broader investor anxiety and a lack of clear direction for digital assets in the face of waning risk appetite.
Both assets are now testing critical multiyear support levels. Ether has bounced from this level twice before, in April 2025 and October 2023, while bitcoin is trading around its lowest point since late 2024. A failure to hold would leave both tokens without an obvious floor.
The article uses market data and technical analysis to describe current trends without promoting specific assets.
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