Key control:
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BTC reached $ 97,900 due to the demand for institutional investors of SININ, but the prices of futures show that merchants do not trust a sustained demonstration.
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Macroconic risks and global commercial tensions limit the upward feeling despite the $ 3.6 billion in ETC BTC Spot tickets.
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BTC options incline bulls, suggestion, great players wait on the rise, but their caution maintains the use of low leverage.
Bitcoin (BTC) broke out of a adjusted negotiation range between $ 93,000 and $ 95,600 on May 1, after six days of limited movement. Despite reaching its highest price in weeks at $ 97,930, the feeling remains neutral for BTC derivative indicators. This price action has occurred together with significant net tickets in the Bitcoin (ETF) funds negotiated in the US spot exchange.
Part of the disappointment between merchants can be attributed to the current global tariff dispute, which is beginning to affect the macroconomic data. Bitcoin merchants are concerned that, despite the growing interest of institutional investors, the fears of an economic recession can limit prices performance. This group reduces the probability that BTC reaches $ 110,000 or Highhher in 2025.
The annualized premium for two -month futures of Bitcoin has remained between 6% and 7% during the past week, staying within the neutral range from 5% to 10%. Compared to January, when Bitcoin was quoted about $ 95,000 and the futures premium was greater than 10%, the feeling of merchants has weakened. These data suggest that there is less optism, or at least conviction, in higher prices for $ 100,000 and more.
Gold’s performance exceeded modest Bitcoin profits
Some market participants point to the Gold 20% Rally, from $ 2,680 to $ 3,220, as a source of concern. Althegh Bitcoin recently exceeded the market capitalization of $ 1.8 billion of Silver to become the seventh largest global commercial asset, Gold’s arises at a huge assessment of $ 21.7 billion has eclipsed this achievement. Investors concern that Bitcoin’s strong correlation with the stock market has decreased the attractiveness of their “digital gold” narrative.
There is also the possibility that the ETF spot of $ 3.6 billion for the US. During the last two weeks they were promoted by Delta’s neutral strategies. In this scenario, the flows reflect Bitcoin holders that move to listed products or use derivatives for coverage. If so, the direct impact on the price would be limited, which is consistent with Bitcoin’s fashion, 5% gain, wins the duration of this period.
To determine white professional merchants they feel comfortable with Bitcoin around $ 97,500, it is useful to examine the BTC options.
The Delta bias metric of 25% of BTC options is currently close to its lowest level since February 15, indicating that whales and market manufacturers are moving higher here. This marks an acute investment three weeks ago, when the options (sell) are negotiated with a premium.
Related: Bitcoin insecure as the recession is coming, the Us-China Rate Conversations begin
The resilience of Bitcoin derivatives favors more BTC price profits
In general, bitcoin derivatives indicate moderate optimism. Operators generally expect greater price profits, but bulls refrain from using leverage. Some might argue that this creates the ideal conditions for a surprise demonstration, especially the new proof of $ 74,500 on April 9 did not significantly affect BTC derived.
The most important factor that influences Bitcoin’s performance remains the commercial relationship between the United States and China. While the commercial war continues, Bitcoin is likely to continue tracking the S&P 500 movements. While this environment can prevent Bitcoin from reaching a new historical maximum in the short term, BTC derivatives are currently inclined slightly in favor of bulls.
This article is for general information purposes and does not intend to be and should not be tasks such as legal or investment advice. The views, the thoughts and opinions expressed here are those of the author alone and do not necessarily reflect or represent the opinions and opinions of Cointelegraph.