The latest drop in Bitcoin’s value below $21,000 has resulted in many traders considering the challenges it faces, such as major crypto-friendly banks experiencing a liquidity crisis and ongoing macro headwinds signaled by the US Federal Reserve. Consequently, Bitcoin options have become pessimistic regarding the cryptocurrency’s price outlook for the near term. BTC/USD is recording a decrease of more than 5% in the past 24 hours, down by about 18% from its previous yearly high. As such, the 25% delta skew of Bitcoin options set to expire in seven days dropped to around -6, the lowest reported since late December 2022. However, the 25% delta skew of options expiring in 90 and 180-days have been holding up, which implies that investors believe current market headwinds will unlikely sustain a downward trajectory for Bitcoin’s price from its current levels. Implied Volatility according to At-The-Money options scheduled to expire in 7, 30, 90, and 180-days are broadly unchanged in the last month. BTC’s most recent drop leaves its value well within its range for the past eight months, and while further downside may occur, it is too early to bet on new bear-market cycle lows for the world’s largest cryptocurrency by market capitalization.