Analysis: Bitcoin Fails to Break Higher, Derivatives Market Signals Bearish Sentiment and Prices in Deeper Pullback Risk
According to Odaily, Bitcoin and the broader crypto market have declined again, with BTC prices giving back all of last week's gains that pushed it up to $98,000. This crypto market sell-off is in line with the movement of U.S. stock index futures, with futures linked to the Nasdaq 100 index falling more than 1.9%, and S&P 500 index futures dropping 1.6%. In addition, open interest in Bitcoin futures remains stable, and funding rates for most mainstream tokens are still positive. However, DOGE, ZEC, and ADA futures open interest (OI) have seen the largest declines, indicating capital outflows. On some derivatives platforms, traders continue to price BTC and ETH put options higher than call options, with traders pricing in a 30% probability that BTC will fall below $80,000. (CoinDesk)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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