Key indicators for Bitcoin (BTC) suggest a shift towards a bearish market regime as traders await Federal Reserve Chair Jerome Powell's speech at the Jackson Hole Symposium. The 180-day call-put skew on Deribit is now the most negative it has been in over two years, indicating increased demand for put options. This negative skew reflects rising market caution, moving away from the bullish sentiment seen in the past two years. Additionally, Bitcoin's price has recently dipped below important moving average bands, signaling potential trend reversal. Analysts anticipate that Powell's expected comments on rate cuts may add to market corrections, particularly if they align with trader expectations. Conversely, any indication of a more aggressive rate-cutting cycle could ignite renewed bullish sentiment in crypto. Alongside Bitcoin, Wall Street is experiencing a similar demand for downside protection in tech stocks, with traders purchasing 'disaster' puts. Overall, these indicators point to strengthening bearish momentum in the short term.

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