The main dishes to remember:
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Bitcoin exchanges almost all time, but derivative data show that traders remain cautious and not committed.
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The presentation of the USDT in China and Bitcoin Bitcoin Bitcoin outputs highlight the concerns of investors concerning global trade tensions.
Bitcoin (BTC) exceeded the most $ 109,000 on Wednesday after responding briefly to the support level of $ 105,200 earlier during the day. The rally coincided with data showing monetary expansion in the euro area and the signs of weakness in the United States labor market.
Despite the Bitcoin trade at just 2% below its top of all time, traders remain reluctant to become bullish, according to the metrics of BTC derivatives. This prudent position has led some investors to question the sustainability of the rally.
On Wednesday, Bitcoin Futures Premium remained below the neutral threshold at 5%. The slight increase compared to 4% on Monday continued a trend that started on June 11, when the indicator approached the Haussier territory for the last time, coinciding with the previous Bitcoin test of $ 110,000.
Does the monetary mass of the euro zone increase behind the Bitcoin rally?
Although it is difficult to identify a single catalyst for the rally on Wednesday, the mouth of the euro zone (m2) in April has probably played an important role. The data, published on Monday, showed an expansion of 2.7% in annual sliding, aligning the expansionist trajectory of the American monetary base. Meanwhile, ADP data showed us that the private payroll had dropped 33,000 in June.
Some market players argue that the moderate demand for long -speaking positions in Bitcoin reflects the risks of increased economic recession, in particular in the midst of an increasing world trade war. President Donald Trump threatened to increase import prices on Japanese goods greater than 30% if no agreement is concluded before the deadline of July 9.
The ambassadors of the euro zone ordered the EU Maroš Šefčovič commercial commissioner to adopt a more difficult position during his trip to Washington this week, according to the Financial Times. European capitals would have called for a reduction in the current reciprocal rate of 10%, although internal disagreements persist on the opportunity to retaliate.
Neutral Bitcoin Options and Low Stablecoin Bitcoin Return in China
To determine whether the lack of enthusiasm in Bitcoin derivatives is limited to future, it is useful to examine the markets of BTC options. If traders anticipated a net slowdown, the SKEW of 25% Delta would exceed 6%, because the sales options (Vende) would obtain a bonus compared to the call options (buy).
Currently, the SKEW metric is 0%, unchanged compared to two days before, suggesting that traders see balanced risks for the price movements in the two directions. Although this reflects the lukewarm feeling at $ 109,000, it always marks an improvement in the lower position observed on June 22.
In relation: Will Bitcoin benefit from the adoption of “Big Beautiful Bill” and the increase in the ceiling of the American debt?
Although the price of Bitcoin reaches three weeks higher, the demand for cryptocurrencies in China has decreased sharply, according to the Stablecoin bonus.
The delivery of the attachment (USDT) compared to the official exchange rate of the US dollar in China generally signals fear, because it reflects investors who remove the cryptographic markets. On the other hand, a high demand for cryptocurrencies tends to push stablecoins above their ankle. The current discount of 1% has been the strongest since mid-May, indicating a lack of confidence in recent Bitcoin gains.
Merchants were increasingly concerned about the benefits of the current pricing war, especially after $ 342 million on Tuesday of net outings from Bitcoin funds on funds (ETF). Consequently, moderate activity on the derivative market reflects a broader macroeconomic uncertainty.
This article is for general information purposes and is not intended to be and must not be considered as legal or investment advice. The points of view, the thoughts and opinions expressed here are the only of the author and do not reflect or do not necessarily represent the opinions and opinions of Cointellegraph.
