Bitcoin catches a bid, but data shows pro traders skeptical of rally above $92K
Despite a price bid, professional traders remain skeptical of a Bitcoin rally past $92K due to economic uncertainty and high hedging costs.Summary
Bitcoin experienced a pullback after failing to break above $92,250, influenced by reversals in the US stock market amid uncertainty over job market conditions and stretched AI valuations. Professional traders are showing skepticism, evidenced by the Bitcoin monthly futures premium staying below the neutral 5% threshold and high costs for downside protection (put options). Macroeconomic factors, including delayed official US economic data and weakness in the housing market, are pressuring sentiment. Furthermore, stablecoins trading at a discount in China suggest a risk-off move as traders seek to exit crypto markets. The potential for Bitcoin to reach $100,000 hinges on improved visibility in the US job market and real estate conditions, which may take time to materialize beyond the Federal Reserve's upcoming monetary policy decision.
(Source：Cointelegraph)