Bitcoin catches a bid, but data shows pro traders skeptical of rally above $92K
Bitcoin’s rejection at the short-term range highs is caused by macroeconomic uncertainty, liquidations and stagnant spot ETF flows. Will clearer signals from the US economy boost BTC volumes?
Key takeaways:
Economic uncertainty, a delayed jobs report and weakness in the housing market are causing traders to retreat from Bitcoin.
Pro traders are incurring high costs to protect against Bitcoin price drops, while in China, stablecoins are being sold at a discount to exit the crypto market.