Bearish sentiments continue to dominate the Bitcoin market as the leading cryptocurrency registered a decisive price break below the $100,000 psychological support zone. Following this highly volatile display, blockchain analytics firm Glassnode has noted the reaction of the BTC options market.

Bitcoin Traders Expect More Correction Ahead

The BTC options market allows traders to gain the right to buy or sell Bitcoin at a specific price or on or before a certain date. Options let traders hedge against risk, and bet on volatility, among other features, and thus are a good gauge of traders’ sentiment.

Notably, Bitcoin’s retest and fall below the $100,000 price mark were anticipated by the options market, which had been accumulating put options (BTC sell bets) as protection against bearis

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