• Bitcoin’s 180-day call-put skew has crossed above zero for the first time since 2021, indicating that bullish call options expiring in six months have become pricier than bearish put options.
• This is a sign of confidence in the cryptocurrency’s latest bull revival and suggests that expectations for bitcoin’s price over the next six months have turned positive after a long time.
• By Omkar Godbole

The long-term sentiment on the bitcoin (BTC) market has turned bullish, with the cryptocurrency showing its biggest weekly percentage gain in two years. This surge in enthusiasm has been reflected in the recent movements of the 180-day call-put skew, which has crossed above zero for the first time since the start of 2021.

The call-put skew measures the price for calls relative to puts and is a good metric to gauge the market’s sentiment. When the skew is positive, it suggests that the market expects a rise in bitcoin prices over the next six months, as bullish call options become more expensive relative to bearish put options. This is exactly what has happened in the past few days, with the call-put skew crossing above zero for the first time in 2021.

The recent uptick in the call-put skew is yet another sign of confidence in the cryptocurrency’s latest bull revival. The market is now pricing in higher bitcoin prices for the next six months, suggesting that expectations for its price have turned positive after a long time.

The bullish sentiment is further reinforced by the fact that bitcoin is currently trading above its 50-day moving average for the first time since October last year. The 50-day moving average is an important indicator of the market’s long-term direction and is usually seen as a sign of a bullish trend.

The recent surge in bullish sentiment has been driven by institutional investors, who have been accumulating large amounts of bitcoin over the past few months. This influx of institutional money has been a major factor in driving up the price of bitcoin and is likely to continue to do so in the coming months.

Overall, it appears that the market is increasingly confident in the prospects of the cryptocurrency and that the long-term outlook is looking increasingly positive. This is further evidenced by the call-put skew crossing above zero and suggests that the market is pricing in higher bitcoin prices over the next six months.