Bitcoin 25-delta skew has clawed back from last week’s extremes, yet puts still command a premium over calls in every major tenor.

Improvement is clearest in the 7D and 1M buckets as short-term hedging eases and volatility stabilizes, but the entire curve remains negative, showing traders continue to pay up for downside cover even while BTC holds its recent range. The term structure points to near-term uncertainty rather than cycle-wide fears.

Price sits at $61597.57 beneath the EMA50 at $64756.43 and the EMA200 at $71904.11, confirming the bearish structure on the 4h chart. With the market testing the upper Bollinger band at $64441.19 while RSI(14) prints 39.24, a measured pullback toward the 50-EMA support looks probable before any sustained upside attempt, keeping volatility expectations elevated into the next several weeks.