Bybit Options Weekly Review: April 29–May 5

The Long Strangle appears to have worked. BTC sold off for what may be the 9th time in 10 FOMC meetings. Then it didn't just rebound — it may have broken through a key ceiling. BTC pushed past $80,000 for the first time since end-January. The put leg likely paid on the FOMC selloff; the recovery may have done the rest. But here's the twist worth watching: while BTC hit a 3-month high, DVOL fell further to 38, closing at 39.51. Price at a potential 3-month high. IV at what could be a multi-year low. This may be the setup for Round Two — but the market could surprise in either direction.