OP Trading on Knife's Edge at $0.13 Pivot Support

Optimism (OP) is trading at $0.13 support, a level that's crucial for its short-term prospects.

The token has had a strong September, rising 71% from sub-$0.085 lows to tag $0.145 mid-month, but the market is now digesting every cent of that growth.

Bitcoin's near-8-month highs and a bullish RSI divergence on its weekly chart are creating a cautiously constructive macro backdrop for L2 tokens like OP.

However, spot volume on Binance is running at $7.73 million over 24 hours, which is not indicative of institutional conviction.

The derivatives market shows smart money positioning as aggressively long, but the taker buy/sell ratio indicates sell-side aggression.