Despite Bitcoin (BTC) dropping to a 2-month low below $60,000, derivatives markets are signaling a more optimistic outlook. Bitcoin futures premiums remain within the neutral territory, suggesting that professional traders are not overly bearish. Options markets are also balanced, with no significant demand for hedging. Stablecoin demand in China surged on July 4, indicating that traders are converting fiat CNY into stablecoins, potentially signaling renewed buying activity. While the recent dip may have been driven by market sentiment, these indicators suggest that Bitcoin may soon regain the $60,000 support level.
Cointelegraph•1 year ago•
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Bitcoin Price Dips, But Derivatives Market Shows Resilience
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Summary:
Bitcoin price dipped to a 2-month low, but derivatives and stablecoin data suggest traders are still optimistic.
The Bitcoin futures premium remained in the neutral territory, despite the price dip.
The BTC options 25% delta skew is at 0%, indicating a balanced sentiment between buying and selling options.
The stablecoin premium in China rebounded to a neutral level, suggesting a surge in buying activity.
These indicators suggest that Bitcoin may regain the $60,000 support level soon.
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