Bitcoin’s Price Increase Faces Cautious Market Sentiment
- Bitcoin rose by 3.5% between June 7 and June 9, nearing $108,500.
- Professional traders remain cautious as reflected in BTC derivatives metrics.
- The Bitcoin futures premiums have hovered near the neutral market baseline of around a 5% annualized premium since June 6.
- Bitcoin is trading just below its all-time high of $111,965 set on May 22.
- The current correlation between Bitcoin and the S&P500 stands at a significant level of approximately 82%.
Despite recent price increases, professional traders are cautious due to macroeconomic tensions and Bitcoin’s strong correlation with the stock market. The futures market data shows hesitance amidst unfavorable economic signals, though Bitcoin is not driven by excessive speculation.
This indicates that while Bitcoin shows strength by trading close to its all-time high, its short-term upside potential remains limited due to broader economic factors and market sentiment. (Source)
