Bitcoin catches a bid, but data shows pro traders skeptical of rally above $92K
Bitcoin's attempt to break above $92,250 failed, leading to a $2,650 pullback amid broader economic uncertainty. Pro traders remain cautious, with futures premiums below 5% and increased demand for downside protection, as seen in elevated put option premiums. Weakness in U.S. job market data, rising layoffs, and a softening housing market have dampened sentiment. Additionally, stablecoins are trading at a discount in China, signaling capital flight from crypto markets. Despite a strong S&P 500, Bitcoin's underperformance reflects risk aversion. Near-term recovery to $100,000 depends on improved macroeconomic clarity, particularly stronger jobs and real estate data.
cointelegraph22m ago