A trader is betting on further Bitcoin weakness into year-end, though reluctantly.

• A rare put spread was placed: buying $72,500 puts and selling $65,000 puts against them, expiring end of December.
• The trade breaks even near $71,100 and turns profitable if Bitcoin drops further.
• The move is based on seasonal history: when November trades below October's low, Bitcoin has never closed November positively — it usually falls further from there.
• Low volatility made buying this kind of protection unusually cheap right now, which is why this trade was taken despite normally avoiding it.
• Profit-taking is planned if Bitcoin slides toward the $68,000 area.

Outlook: Bitcoin is expected to stay weak into December, with downside risk toward the mid-$60,000s before any reassessment.

## Bitcoin Levels

• **Bias:** Bearish into December
• **Sell / take profit:** Position profit-taking considered near $68,000
• **Targets:** Downside target zone near $65,000
• **Invalidation:** Breakeven / thesis neutral at $71,100 (above this, the trade loses)