Professional Traders Skeptical of Bitcoin Reaching $78,000
- Bitcoin (BTC) has reclaimed the $70,000 mark but struggles to break above $74,000.
- US-listed Bitcoin ETFs experienced $414 million in net inflows recently, but this was less than the $576 million outflow recorded earlier.
- Call options for a $78,000 strike price on Deribit indicate only a 17% chance of Bitcoin reaching that level.
- The annualized premium for monthly Bitcoin futures remains below the 4% neutral threshold despite recent market rallies.
- February saw a surprising cut of 92,000 job positions in the US, raising concerns about economic stability.
Traders are cautious due to geopolitical tensions and disappointing labor data affecting market sentiment towards Bitcoin and its associated products like ETFs. This skepticism is reflected in low demand for leveraged long positions and muted expectations for significant price movement.
With only a 17% chance of breaking through $78,000 according to current options pricing, professional traders remain hesitant about any imminent bullish breakout for Bitcoin.(Source)
