On June 15, bitcoin fell in price to a three-week low. The first cryptocurrency followed the leading benchmarks of the largest exchanges in Europe, Asia and the USA, which began to decline due to fears of the second wave of the COVID-19 pandemic.

The beginning of the week on the cryptocurrency market was marked by a sudden drop in prices. The average weighted bitcoin exchange rate calculated by CoinMarketCap fell from over $9,500 to $9,000 within several hours. The price of cryptocurrency fell below the psychological mark of $9,000 on some exchanges. However, bitcoin was able to push off and win back part of its fall, returning to $9,500 within a day.

Bitcoin has once again demonstrated a high level of correlation with stock markets. On Monday, futures on the US stock exchange S&P500 fell by more than 2.5%, while major Asian and European stock indexes also ended the day in the red zone. The reason for current downturn was new concerns about the second wave of COVID-19 in China, where more than 200,000 people were quarantined in Beijing after a new outbreak of coronavirus was discovered.

The fact that this bitcoin price decrease might be short-lived could be clearly viewed on the data from the options market. The put/call option ratio rose to three-month highs. According to data provided by the research firm Skew, the ratio stood at 1.79 as of June 15, 2020.

The ratio of the volume of put options to call options is an indicator of the dominance of bears or bulls in the market. But if the ratio reaches too high levels, that is, when the bearish rates significantly exceed the bullish rates, this may indicate a readiness of the market for a reversal.