Bitcoin lost momentum after climbing above $87,000 last week and retreated to around $83,000, triggering market panic and further declines. Adam, an analyst at crypto options analysis platform Greeks.live, said the rebound resembles a recovery within an ongoing bear market rather than the start of a new uptrend. He noted that put option block trades, commonly used to hedge against or bet on price declines, represented about one-third of trading volume, while implied volatility for major option expiry dates fell to around 35%. That suggests options investors are not pricing in major near-term volatility, although some traders are positioned for another decline. Cloud, HTX’s chief analyst, offered a less bearish interpretation, saying the drop alone may not represent a new trend reversal and instead resembles a normal correction after a recovery. He attributed the pullback mainly to macroeconomic conditions and rising U.S. bond yields. Cloud also highlighted a divergence between Bitcoin and altcoins, saying limited liquidity may concentrate capital in Bitcoin while leverage and thinner liquidity make altcoin moves more volatile. He expects the divergence to continue until personal consumption expenditure and non-farm payroll data are released this week. The content is not investment advice.