Wednesday, May 29, 2024

Bitcoin speculators anticipate a “bottom,” but the data from BTC derivatives is contrary.

Due to all the turmoil in the market, inflation concerns and other factors, the crypto market has been experiencing ups and downs. Case in point – BTC prospects. Many BTC traders are convinced that the crypto has hit bottom, but some data says otherwise. This data is based on BTC derivatives, and it looks like there is a significant improvement in the metrics as of June 30th.

BTC prices have been under pressure based on charts which show a pattern of triangles descending. This pressure has been quite intense for the last three weeks and traders say this is a bullish pattern of reversal. BTC price of $19,000 has managed to maintain support and this is a crucial place – it will determine if the bulls can maintain their momentum. Even though there is no clear indication of price bottoms, derivatives data related to BTC looks positive.

Just a few days ago, July 5th, Virginia, a US state made an announcement that it will be putting $35 million in a crypto investment fund. The very same day, a MSB license was issued to a Huobi subsidiary. The Huobi Exchange is based in Seychelles and the issue of this license facilitates business expansion in the US.

Finally, there is good news from a struggling DeFi lending company – Celsius announced that it has repaid its outstanding amount to Maker. Celsius and a few other platforms were almost insolvent as they lost staggering amounts in the market. At this point in time, traders are struggling to stay optimistic about BTC prices gaining ground. The good news is that the $19,000 price mark has remained steady for a while.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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