Bitcoin Sentiment Shifts From 'Sell the Rally' to 'Buy the Dip'—Is It Justified?

Bitcoin (CRYPTO: BTC) has shifted traders’ bias toward buying dips, yet experts warn of a pullback to $72,000.

Are Bitcoin Dips Now for Buying?

Speaking on the Crypto Options Unplugged podcast on Sept. 10, Blockchain.com’s Global Head of OTC Trading Mark Sishka said Bitcoin’s rally toward $80,000 has shifted traders from "sell the rally" to "buy the dip."

The rally was driven by a major short squeeze, but the magnitude of the move has forced traders, waiting for sub-$60,000 prices, to reconsider.

And yet, Bitcoin looks "toppy" near current levels, while rebuilt long leverage could trigger a short-term flush toward $70,000 to $72,000.

A pullback to that zone could establish a higher low before another attempt at $82,000 to $85,000.

"Any short-term flush outs are going to get bought on the dip," Sishka said.

Options Market Shows Sentiment Turning

Bitcoin options are also beginning to reflect the shift.

Long-dated skew, which had favored puts for an extended period, has moved toward flat or slight call premium following Bitcoin’s rally.

That suggests longer-term traders are becoming less focused on downside protection and more willing to position for further upside.

Demand has also emerged for short-dated Bitcoin calls around $82,000-$85,000, while Ethereum (CRYPTO: ETH) traders have bought upside exposure around $2,800 to $3,500.