Bitcoin Traders Defend $92K, But For How Long?

Bitcoin experienced a 3.4% correction over the weekend, falling to the $92,000 support level after global sociopolitical tensions and China's slowing economic growth prompted risk-off sentiment, leading to $215 million in leveraged long liquidations. Despite this drop, the Bitcoin futures premium remained near 5%, suggesting leveraged demand wasn't entirely deterred by the failed $98,000 breakout. However, institutional interest appears to be waning, evidenced by $395 million in net outflows from spot Bitcoin ETFs as gold hit record highs, diminishing Bitcoin's appeal as a hedge. Furthermore, the options market shows professional traders demanding higher downside protection, with the 30-day delta skew jumping to 8%, indicating reduced confidence in a bullish move above $100,000. Compounding these concerns is a 13% drop in Bitcoin's daily active addresses, suggesting weakening network activity. Macroeconomic factors, including potential trade disputes involving the US and Europe, continue to dominate risk appetite, leaving few signs that the $92,000 support will definitively hold.

(Source：Cointelegraph)