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Bitcoin has risen to $98,000, once again trying to break above the 50-day moving average. As with the crypto market, Bitcoin has found enough buyers on dips and has done the easy part with a return to meaningful resistance levels. Only a confident move higher will mark the start of a new rally phase.
Crypto News
JPMorgan notes that the observed weakening of institutional demand for Bitcoin and Ethereum futures on the CME is a bearish signal for the near term. The lack of positive catalysts and fading price momentum are the reasons.
QCP Capital records demand for high delta call options on Bitcoin, indicating growing expectations of strong price growth in the future. Implied volatility has shifted in favour of calls across all maturities, indicating bullish market positioning.
Trump linked Bitcoin’s highs to his policies. According to him, BTC has set new records because everyone knows he is committed to making the US the crypto capital of the world.
Stacks platform CEO Muneeb Ali said most second-tier bitcoin-based projects will disappear within three years. He said the market is evolving in a highly competitive environment, and enthusiasm around L2 solutions has waned markedly.
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