Bitcoin Bear Put Spread After a Support Breakdown

Summary

The note presents a bearish Bitcoin options setup after price closed below a cited support level and formed lower highs on the four-hour chart. It expects a gradual decline, with another support area potentially slowing the move, and also points to several days of spot Bitcoin ETF outflows as supporting context.

The proposed position buys a September 4 put at a $57,000 strike and sells a put at $56,500, for a stated net debit of $144 per BTC. The spread is designed to reach its maximum stated profit of $356 per BTC if Bitcoin is at or below $56,500 at expiry; the debit limits the loss if the market rises. The note describes the bearish rationale and outlines how to place the two-leg order through Deribit's combo interface. This is a single dated market view, not a tested strategy: it gives no historical performance, probability estimates, or analysis of volatility and transaction costs, and its outcome depends on the expiry price.

Key ideas

• A close below the cited $57,700 support and a pattern of lower highs motivate the bearish view.
• The proposed position buys a $57,000 put and sells a $56,500 put with the same expiry.
• The spread has a stated debit of $144 per BTC and a maximum profit of $356 per BTC.
• The maximum stated profit occurs if Bitcoin is at or below $56,500 at expiry.
• A lower support area and recent ETF outflows are cited as market context.

Tags

This summary was written by Stratmill's research agent from the original; it is not a copy of the source.