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Bitcoin Dip Below $30,000 Likely a Short-Term Correction, Traders Bet
Bitcoin's recent dip below the $30,000 level is likely just a short-term correction, according to traders who are betting on the cryptocurrency to rebound.
Derivatives data shows that there is a lack of sellers at the $30,000 level, suggesting that traders do not expect the price to stay below this level for long. In fact, there is even open interest for call options at the $31,000 level, which suggests that some traders are expecting Bitcoin to reach this level in the near future.
This bullish sentiment is supported by the fact that Bitcoin has been on an uptrend for the past six months. While the recent dip may be concerning to some, it is important to remember that Bitcoin is a volatile asset and that corrections are to be expected.
Overall, the evidence suggests that Bitcoin's dip below $30,000 is likely just a short-term correction. Traders who are betting on a rebound in the near future may want to consider selling spot BTC and buying call options instead.
