Bitcoin Bears: Omkar Godbole Warns Longs to Hold onto Puts

Bitcoin trader Omkar Godbole is warning longs to hold onto their puts after spotting bear market patterns on the weekly chart. The current price of BTC is $78,248.63 on the 4h timeframe, and it's trading within a bearish structure where the 50-period average EMA is capping upside at $78,974.57. Meanwhile, the 200-period average EMA offers distant support at $73,831.56.

The MACD death cross at -226.23 reinforces downside pressure, and the price is now testing the lower Bollinger band near $78,266.85. Momentum remains neutral with an RSI of 37.93, but the confluence of resistance overhead and lower-band contact raises the odds of further weakness before any sustained recovery.